This bag is made from PU leather.
PU leather is not genuine leather, it is synthetic and cheaper than leather.
PU leather is short for polyurethane leather and it is an artificial leather made of thermoplastic polymer. This sort of artificial leather is often used for making shoes and bags.
Some of the pros of PU leather are that :
it is cheaper;
it doesn't absorb water (therefore easier to clean),
100% PU leather is vegan and unlike leather doesn't dry over time.