The present invention relates to novel formulations for water proofing leather, a process for waterproofing leather, and leather goods waterproofed by the formulations and processes of the present invention. More specifically, the present invention relates to the use of a composition containing a salt of polyalkyl carboxylic acid anhydride, an aliphatic carboxylic acid amide, a fatty alcohol or blend of fatty alcohols, an alcohol cosolvent, a preservative, and water for imparting improved hydrophobicity, flexibility, and / or product feel of the finished leather goods.