Natasha, I’ve been thinking about your water-stained purse all week, and I finally figured it out! I’m sorry I forgot all about this stuff when you originally asked me about it. Lexol is the stuff you should try. You can buy it at any shoe repair place. It’s about $6-8 a bottle. Lexol has a leather cleaner (in the orange little jug) and leather conditioner (in the little brown jug). I have used the leather conditioner many times and it does clean the leather as well. I would think the conditioner will do the trick on your purse. Just shake very, very well before opening and apply LIBERALLY. I practically pour this stuff on my leather, but you should try a little bit at first, like a sensible person would. Ignore my leather conditioning abandon! Rub it in a ton and then buff it. It’s great stuff. Plus, it doesn’t smell toxic to me. Many other leather conditioners do.
I must thank you for asking me about a leather cleaner, because your question made me buy a new jug of Lexol and condition my boots and jacket. I don’t ride anymore, but because of Lexol, they still look good even after 20+ years.
Granted, I’ve never taken a spill in them, but they did survive a particularly brutal late-80s Jane’s Addiction show, the Metallica AJFA Tour, Monsters of Rock (at least 2 shows), that legendary Faith No More / Voivod / Soundgarden show at the Ritz, Rollins Band stagediving, a few CMJ Marathons, a mosh pit that included members of Biohazard and Last Crack and working in the music industry. I’m just saying.