Hello
I have a wallet this color and it got such red color transfer also. I don't know how, I found out when I took it out of the dust bag after long time no use. I've tried eraser and different stuff for cleaning and conditioning leather and it did lighten quite a lot. This way I got some black spots off also - looks much better now. I recently purchased a lot of LV wallets to fill my time during the restrictions and one was again the same color in not very good condition. I dyed it black and it worked quite well - it is not that hard but much more tricky than ordinary leather. But I never managed to get the shine as in the original one. So it is possible to redye it, but you may not get that good result if you do it by yourself.
I'll join @
DreamingBeauty - you can wear it with the good side facing out if you like to keep the bag
Or maybe use a sticker of some kind to cover it.
Here some pics before and after cleaning that spot. First is before, second - after (not very visible
- its is hard to take pics although both are on daylight)
Edit: I added a third pic after where the the change is more visible ( don't know what happen to the second pic... but it is not that good so I will not upload it - sorry for all this but I don't like to delete)
View attachment 4840597
View attachment 4840598
View attachment 4840607