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Find some newspaper. Slide the smelly leather bag in with the newspapers. Tie the bag up with a knot. Let sit for at least 48 hours. Remove from the bag.

Article:
Scrunch the pages up and stuff them inside a large plastic bag, such as a kitchen waste bag or a garbage bag. Arrange it so that it sits snugly in the middle of the papers. Alternatively, seal with a twist tie. A few days more won't hurt it. Do a sniff test to see whether the odor has gone. If not, return to the bag for a few more days. Eventually it should start to smell better.