Technially not 'real' leather but what do you expect for the price?
A nice, sturdy little case - should keep my LX3 safe from my tendency to drop things at any rate. Mine was a perfect fit for my camera. I've opted not to use the strap for the case as I felt it more important to make sure the CAMERA stays around my neck, rather than the case - as you cannot shoot with the camera still in the case (and it would look frankly ridiculous to wear both the case and the camera straps together!) - which isn't a problem for me but I realise it may be a hindrance for some.
I'm happy with my purchase!