Yes it is good for leather
from the site above
Fabric Painting: Leather
Leather is a difficult surface to achieve long-term paint adhesion. Leather can vary in surface, thickness, fiber structure, oil content, dye type and tendency to stretch. These factors will influence long-term paint adhesion. Always do a test sample, prior to painting.
Surface Preparation
For maximum adhesion and longevity, the paint should penetrate into the leather. Deeper penetration will achieve greater adhesion.
1. Any protective coating must be removed (abraded or sanded) for proper paint adhesion.
2. Remove surface oils by wiping with rubbing alcohol, denatured alcohol or acetone. Apply solvents only to those areas where paint will be applied.
3. Shiny and smooth leather can be prepared by sanding with fine sandpaper or emery cloth.
Painting Techniques
Before applying paint, flatten and adhere leather to a stable surface.
For achieving bright, light colors on dark leather, first apply Soft Body Titanium White thinned with 25% water to the painting area.
Follow any of the Fabric Painting Techniques.
Cleaning
Wipe with water dampened cloth or small amount of mild soap and water.
Care
Most leather will stretch beyond the binding capability of acrylic paint and may crack the paint. Liquitex Acrylics are extremely flexible and durable and offer superior results on this type of surface.
Acrylic paints can crack if bent at temperatures below 45° F.