We offer several leather repair options at the Home Depot.
VLP makes a leather repair product that actually bonds the tear back together making a joint stronger than the surrounding leather.
The product actually melts the leather to create a permanent bond. It dries clear and is a permanent repair.
Super Glue also makes a leather and vinyl repair product, which works in a similar fashion.
I have included links below.
There are also patch type leather repair kits available as well.
If it’s a very expensive piece of furniture that you plan to keep for a long time you might consider having a leather upholsterer repair it or replace the panel that is damaged.