I had last year, this Victorinox 4.0520.3 bought for my Daughter, so you can store your pocket knife in the youth fire brigade properly. The bag was definitely leather. When I open the Velcro and throws a look inside, you see the real leather structure. So I was very excited. Then I decided also to buy such a bag with the number 4.0520.3 for me. When I got the package today, I was very surprised: 1. The bag was small about 4 mm in thickness than the same of my daughter and 2. I could see no real leather. Inside was a kind of fabric to see and feel. And the bag smelled very strongly adhesive residue (solvent).