By iCEO Cover I have exactly what you wanted. The price of 15 Euro is absolutely justified, rather even too low, comparing it with so many other products. The feel is very good, the material almost good, the fit is perfect, automatic off or turning on the iPad Air works fine and after 2 months now use no wear can be recognized.
Who is looking for a good and affordable cover for the iPad Air, the iCEO per Active Cover should definitely take shortlisted.