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I bought this years ago at a flea market. The guy bought a package of stuff off eBay including original WWII photos presumably taken in Germany. The clip on the right is not original. Not sure about the chain but it is very small, could only fit around the wrist of a child or very very small thin person.
It's a manufacturer's tag. C. Lorenz AG was a German electronics manufacturer for the period before and during WW2. In 1930 it became part of US based ITT, which still exists today. C. Lorenz operated as a major manufacturer during WW2 and even owned a significant portion of Focke-Wulfe. These tags were affixed to various products produced by the company which could have been everything from electronic tubes, to radios to radars, etc. They owned and operated various manufacturing plants, including one in Berlin-Tempelhof.
Yes, they also made extensive use of slave labor during the war, but I am not aware of bracelets being used to identify workers like that. I think someone just threw an old chain on the manufacturer's tag.
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