I think cracking happens to all the St Cocco range, unfortunately. There is a thread a couple below yours about the wallets cracking. I own the shoulder bag and a bracelet. My bag has very minor cracking on the strap, not enough to be an issue though. My bracelet seems to be ok.
Mind me asking where this was purchased? Didn't think they were still in stores and I would love to own another.
Hawaii still has quite a few. Ala Moana. Ask for Matthew.
I have 2 and I can confirm that the leather does crack after a while. The golden hardware also gets little splotches on it unfortunately. I love them though.