Cleaning leather-wrapped handles

[Popeye]

I have recently purchased an Al Mar Special Forces Fighter - new in box. Problem is, it was stored in plastic, untreated. Now the beautiful leather wrapped handle is cracked and faded.

Any tips on how to restore this leather and keep it looking new?

Thanks.

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"You can bet your last nickel that women is fickle..."
-Popeye, the sailorman