Don't laugh, but I've heard putting it in a closed bag with kitty litter works really well at absorbing odors.
Well here is what I did with my smelly bag. I had a nice blue lambskin classic. It was a vintage piece. It smelled like smoke really bad. My son was born about the time I got it (8 mos ago) so I had his Mustela baby bodywash. It smells soooooo good, (and its FRENCH)!!! I figured it was gentle enough for his skin and his eyes, plus he's a baby (lambskin is delicate) soooooo why not. Well it worked great! I used a soft cloth and I lathered that thing up and it smelled MUCH better on the outside and I bet it was smellier than yours because Cambon has not been out long enough to have penetrated as deep as a vintage bag can get. Imagine 10 or so years of heavy smoke! Anyway, it worked out really well and smelled fresher. Oh and I repeated the process 2 to 3 times. It even gave it a nice sheen.
^^ Does anyone else put those dryer sheets inside to keep it smelling nice? Is that a good or bad idea? I've done it... don't know if I should though.