Update: I returned the BandWerk band that I mentioned up thread because it was too big. The lugs were properly sized for my 40mm watch, but the band—width and length—was proportioned for a larger wrist (I’m a man with ~150mm wrists). I’ve since ordered
this band from Arrow & Board and am happy. The proportions are perfect. The leather is nice and cleanly finished, with a darkened edge that matches the black watch nicely. (They also make a less expensive non-“artisan” version of the same band that’s got a rougher, more rustic finished edge. It’s not my style.) The hardware is my only complaint: it’s black but feels like a slightly lighter weight, less premium material. It’s not a visible difference but a little cheap feeling by comparison with the BandWerk or official apple band hardware.
EDIT: I should also add that bandwerk’s customer service was EXCELLENT. Rapid responses and free shipping+return shipping from the US to Germany. They mentioned that they’re considering smaller sizes, I hope they do. I’d like to support them in the future.