If you search fo "peeling" or "cracking you'll find so many posts your head will spin. They use absolute garbage. People keep accepting it and some even defend these manufacturers for using cheap materials that they know will fail. It will however not do so until after the warranty, they thought that out well. If you bellyache enough they may replace it, maybe not. In any case it looks like it hill hit you in the pocketbook.
I was in the vinyl and leather repair for 10 years and the material appears to be bonded leather. That is one of the worst material that has ever been used in the upholstery business. It is very thin leather material bonded to a fabric. It has no durability and falls apart in no time and repairing it is impossible. Get rid of that junk and stay away from bonded leather.