Faded red leather bag - restore or recolour? WWYD

[Chocolateteabag]

I have a Storksak Elisabeth changing bag in red was like this when new
Three years on and it's more likethis

Should I get a leather restorer to put it back to original red?

Or go for for a total revamp and re-dye to a darker colour like Aubergine?

DC2 arrives in Dec and as the bag is really useful I want to use it again rather than get a new one.

Sorry second picture not as good as hoped - I mean it's really sun bleached and faded - basically spent its life swinging from the pram up til the start of the year when we stopped really needing it for Ds1.
Then sat in a cupboard til I pulled out yesterday to inspect.