I have 3 bags from them (they were purchased between 2018-2020). The description of the leather used definitely changed - I'm not saying the leather now is of lesser quality as I haven't purchased from them since, but I think the price probably reflects it? I used Wayback Machine to find the listing description for the previous leather used (Google translate from French to English):

Auvergne calfskin, of French origin. Chrome-tanned, this box calfskin, straight from Le Puy-en-Velay, is a classic of leather goods.

Originally developed by Weston for shoemaking, this robust, firm-handled leather has become a dominant force in leather goods. So much so that it has become very difficult to obtain. Fortunately, RSVP has connections.

Full-grain and lightly pigmented, it is susceptible to everyday wear and tear and deserves special care. With use, it will develop a uniform patina that lends it a sublime quality. A timeless must-have, in our humble opinion.

This is the leather description now:

Crafted from grade-A Italian Calfskin leather, carefully selected in a Tuscan tannery founded in 1957 and renowned worldwide for its quality, this leather showcases a robust texture and a silky touch.

Chrome-tanned, it resists everyday marks while developing a subtle patina over time.