Looks to me like a skilled painter partially repainted it, and didn't get the Concord"e" part right. Notice it's correct on the back of the seattube where you can see the PDM graphic. Could be damaged around steerer tube and was partially repainted for that reason, or paint was just really bad up there and not so bad on rest of bike. The brazed on flag should have the Italian flag colors of green, red, and white painted in. Still could be a great bike. This is a Concorde, but there is a Concord which is a Japanese "campus" quality bike from the 80's.