Companies that specialize in restoring leather and plastics are in high demand these days, and it's no wonder when you take a gander at before and after pics of sofa in need of doctoring.
The company that performed these bits of magic is called Fibrenew, and the process they used to do it, like all magic, is a secret. From the pictures of this transformation, it appears that there's some spraying and blow drying going on. When Mr. Houdini is finished, here's what such a sofa can look like:
Here's another set of images of different project from Fibrenew's website: