I found an alternative to the official kindle case in nicer colors on Ebay
and ordered two as presents. They cost $12.
They do not seem to have a wake function, so I'll try to add a magnet to them and see how it goes, and I am not sure this is real leather.
I figured others may be looking for either a cheaper price or a real red
CORRECTION: in the youtube video, it looks like it may have a sleep/wake function.