Ok, after looking at the responses here I took ride to the in laws to see their grips, and it is stitched leather, they swear that it is waterproof but I cant really testify to that.

Now, what I have on the aero bars is NOT an expensive fancy material, its quite similar to the exercise equipment stuff, so probably it is cheap.

Sorry about the confusion, and yes, 80euros is a lot of money, but their touring bikes were handbuilt costing 3 grand each, so 80 euros for confy and nice grips its not too bad.