it doesn't look like peeling, unless you actually see it lifting and coming off/lifting back. it looks like it's a completely finished piece but the leather didn't align/stretch close enough to the edge to be perfect. i (personally) wouldn't consider this major, but since it's so new you could go in and ask over your concern, no harm in doing that, right? just my opinion.
It definitely looks like a flaw on LVs end. It looks like it's rippling. If you take it in they'll probably give you a credit note- unless they say it's wear and tear. But I own a couple epi pieces and I've never experienced this kind of rippling. So if one SA tells you they can't do anything, ask a second one. Hope they take care of it for you!