The last wallet you'll ever own

I saw an ad on Facebook from a company called King's Loot with an offer for a wallet. This is a leather wallet designed and made in Colorado. It holds 8-10 cards plus has a bill clip. The wallet goes for $74, and the most intriguing aspect of this offer is lifetime replacement.

According to the website, these wallets are covered under the lifetime replacement program. The company will replace the wallet at any time for any reason. Simply ship the old wallet to them and for a $12 processing/shipping fee, they will send you a brand new one. Presumably, you can keep the cycle going and get a new replacement ad infinitum. The only thing the lifetime replacement program does not cover is a lost or stolen wallet.

I sent the link to a buddy of mine, and he expressed concern that if a wallet has a replacement-for-life program, then doesn't that mean it's guaranteed to fail and you'll be replacing it more often anyway? He also has the following high standard: Would James Bond have one? 

I've had a wallet for many years that I'm perfectly happy with, so I'm not in a rush to buy this one. I was also turned off by the feature on the website that flashes a box in the corner that supposedly indicates someone just bought a wallet in real-time. This is another example of a gimmick that may drive sales, but my personal distaste prevents me from ever using it myself.