Vegan leather is produced with different chemicals and a totally different industrial process to real leather. Bonding together a plastic coating to a fabric backing is the most common way to make vegan leather; the types of plastic used in these coatings vary and this is what defines whether or not it is eco friendly.
Vegan/Faux leather that is made with PVC or PU often has a very strange smell from the chemicals. It’s often described as a 'fishy' smell and can often be very hard to get rid especially while trying not to ruin the material.
Vegan leather comes in several different forms and qualities, so some are more 'leather-like' than others. Generally speaking, and focusing on good quality vegan leather, there isn’t that much difference to real leather.
Le Young use vegan leather to make diary cover or leather portfolios which are more economic than real leather.