Although your request is from September I want to give my advice at this topic.
Buck-Beaver is correct with his advices, but acrylic paints is not up to date anymore.
The binder system for professional leather coatings (automotive seats, clothing, bags etc) is polyurethane dispersion. These coating systems are much more long-life flexible than acrylic systems.
But there are two disadvantages vs. acrylic systems. PU-Coatings are 2-pack systems, the application may be a little bit more challenging for a privat person. And some cheaper coatings showing some yellowing after a while (but indeed it's just annoying at white pigmented paints). If acrylic systems are still common at most puppetmakers maybe these two disadvantages are the reason. If I had the choice I would decide for PU-coating.
I'm a chemical engineer working for 15 years at R&D in the coating and plastic industry. So you can trust my words.