Dry Rotting

[tickedoffchick]

HI, I have a white leather top handle vintage Fendi bag from 1992, I just took out of storage and the handles look like they were torn off. I am wondering if this is dry rot. Or if someone could have cut or ripped the handles off. The bag hasn't been used in years and is in otherwise perfect condition. Is Fendi quality good? Stored in dry place in Colorado in dust bag in large container store bag too.

It could just be deterioration of the glue that is used to put pieces together before sewing?