I saw these today at the boutique. The leather is very different from the leather used on the Runway collection last year--which looked distressed and had a smooth texture.
This year's MMK leather has a texture--it's fuzzy if that makes sense. It looks like the dye was applied with a spray pattern and then sanded off (I have no idea how the texture was really achieved!). The finish is matte.
Disappointed but glad I didn't order it sight unseen. Anyway, this one is not for me--but if you have any interest in it definitely see it in real life before you purchase.
She also told me it took them a while to get this right. Lots of trial and error.