This item can be skinned off of beasts on Pandaria. It can also be crafted by leatherworkers using 5 [Sha-Touched Leather].
20 Exotic Leather can be bought for a [Spirit of Harmony] from Danky and Krystel.
Also using [Raptorleaf Seed] at the Sunsong Ranch can produce these leathers.
Additionally, Magnificence of Leather can create 1 [Magnificent Hide] for 20 Exotic Leather a day, whereas the Magnificent Hide spell learnt from trainers allows you to craft the same for 50 Exotic Leather.