The chip itself is surely "authentic", here meaning made by the same factory using the same molds. The label is nonstandard, but anyone could have taken some Milano blanks and put their own sticker on it. The company that imports Milanos also imports blanks, and some retailers have made their own labels - for example,
see these Crazy Horse chips from Straight Poker Supplies in Canada.
Besides having the wrong text, the label in your photo also has the wrong kerning (spacing between letters) for the word "MILANO" and has the wrong font for the numbers.
So someone for some reason got their hands on some fifty-cent Milano blanks, then made their
own fifty-cent label and applied it, and then shrink-wrapped tubes of the fake chips and sold them.
It's also possible that the blanks themselves are fake, meaning made by a different factory using a knock-off of the original molds. I'd be surprised that someone went to the trouble to make their own molds; I wouldn't have expected that Milanos are such big-sellers that someone thought it was worthwhile to make knock-offs using new molds. My guess would have been that the blanks were unauthorized runs from the original factory that went out the side door, and then all they had to do was print knock-off labels and stick them on, and that's cheap and easy to do. Making new molds is harder and more expensive.
The colors on the chip in your photo don't look quite right, but they're close, and the difference could just be due to the lighting in your photo.
Here's a photo I found on the web of the real thing, for comparison:
Where'd you come across these?