It looks real. I believe they are called care bear clip ons and this is Lotsa Heart Elephant. I don't think I've seen this one before in all my years of collecting. Super cute and possibly rare. Thanks for sharing.
Hmm, he's really cute. Those little 'huggers' are hard to find. I think jpt_2012 is right, he might be rare. I've seen justa few Care Bear huggers, but never a Cousin.