Guess — Outer leather pealing off

I paid 505 Dirhams ie $138 or Rs 9000 for a bag that I purchased in Dubai, I live in Mumbai (India) and did not use it till 6th May 2015. For the first time after the purchase but, after I returned home from the party, to my utter horror, the bag's outer leather started pealing off! Such expensive bag worth Rs.10, 000 or $138 turned out to be a defective piece. The company is not exchanging or refunding or giving me a voucher of the purchase value, which is totally unfair as the bag is defective. Even the GM in a Mumbai mall accepted it's a defective piece, however, co. is refusing to issue me a credit voucher or refund it as I bought it in Dubai.