Yes and No. Same quality leather sometimes used by Coach. Just they don't need to pay Coach for their name or badging. The semi-analine leather used in some of the 460L's and previous 430 Ultra Lux's is of even better quality.
nappa leather=
A soft, full grain leather made from an unsplit sheepskin, lambskin, or kidskin, usually tanned with alum and chromium salts and dyed throughout.