Key is Prep!
I actually dyed my leather Corban motorcycle seat with the SEM product. I used it because they had a better selection of color. I used "silver" but on the final coat, I used a clear sealer that made it a perfect job, water tight. No issues after two years of sweeting on it the hot S. Florida sun. Prep is the key, and use light coats. Too heavy a coat and you'll have problems...
Also. I sprayed my son's dirtbike seat with the vinyl / fabric paint at advance auto parts and it turned out awesome and has held up nicely; I will say that after a riding season, I did see very small crease lines along the sides of the seat, basically from shooting too thick in the first place. We light-prepped it and shot another light coat over it and it back in the saddle again.
EDIT: Funny, I just noticed, it's the bike in my avatar