It didn't come in a Shimano box, but I guess someone like Ribble is probably getting them wholesale in different packaging from a consumer. It still had some grease on the axle so I'd guess it was fitted/removed from a stock bike, but can't see any marks/wear.
Indeed. When it comes to some items such as bottom brackets Shimano can be quite overzealous when it comes to how much grease they apply at the factory.
I've often found Merlin also sell OEM parts which goes a long way to explaining why they're often good value.
It didn't come in a Shimano box, but I guess someone like Ribble is probably getting them wholesale in different packaging from a consumer. It still had some grease on the axle so I'd guess it was fitted/removed from a stock bike, but can't see any marks/wear.