I realize this is an older thread but I've spent a few hours researching methods for treating mold/mildew both the look and the smell of it. I caught this rehab post which I'd read a while ago, but was glad to see it again. So the diluted bleach wash didn't seem to hurt the color!!? The red on this is so pretty. I've got a couple of great bags I need to get started on, and of course I'm worried about damaging the bags but they are un-usable now. One is all leather ( awesome blue Cashin inspired skinny tote w/ kisslock) , and the other one is a Bonnie Cashin original skinny tote with the legacy lining but it is WHITE (good for outer bleaching but don't wanna wreck that inner lining). My work is CUT OUT for me!! But these two bags are so worth trying to save. If you have words of wisdom I am all "ears". I am compiling my collected research and going for it later this week.
The bleach solution didn't hurt this Cashing for Meyers bag, I used it very quickly and diluted it with water immediately and it worked well. But I had another bag that didn't respond to the mild, quick bleach-wather process. The mold kept coming back - with a vengence! I eventually killed the mold but destroyed the finish and color of the bag - it was not a successful rehab.
I hate mold, good luck!