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The iPad 2 is a large tablet and thus there is a large quantity of leather needed to enclose it. Leather cases can be found priced at $100 to nearly $300, but Zenus has a very affordable selection of genuine and synthetic leather models you should consider. They are well constructed, attractive, and very functional.
Check out my detailed thoughts and experiences with these four samples on my ZDNet Mobile Gadgeteer blog.
This is a typical retail package for the Prestige genuine leather case.