[isugoo]

not sure how to fix faded blue strip but I've cleaned the alcantera steering wheel a few times on my M3.
I used clean water, electric tooth brush and microfiber towel and it cleans up pretty damn good.

Use your electric tooth brush to break the hand grease/oil. Then a lit bit of warm water on the microfiber towel and start rubbing on the alcantera. Repeat and you'll see much improved soft alcantera.