There are several kinds of leather feeders, I see specialists on TV use them as the first step in restoring leather items.
I myself have only used colourless shoe polish on a natural leather bag and it worked.
With your braided bracelet you have the additional problem that you can not reach part of the surfaces and will have all the different surfaces of the leather where you can reach. It might be worth it to contact a leather restorer, like in a main museum for advice.
Watching the BBC program The Repairshop they are working on a leather case and Suzie who is the leather specialist mentions saddle soap as the first step, cleaning and feeding the leather.