Completed a bit of material practicing. The other day I was staring at my wallet and trying to figure out how should I achieve it in 3dsmax, and here it is. Done with 3dsmax, VRay and Photoshop.
I reckon that the best way to achieve it lies on the combination of procedural material and bitmap textures, and every bits of detail contributes to the final look. There are still more detail I could do such as holes between the stitches etc..