This model is a generic headphone cushion that I have been using some time now for renderings of headphones for various clients. The method I have used to go about this can be applied in many different ways to get the exact cushion you desire. I use it cotantly and once you undetand it, it can achieve a great look of realism.
If you dissect the file, you will see, the model is primarily done with one loft. And the most important part of that is the Spline. The 'waves' of this spline are what give you the wrinkles, so the larger the waves, the larger the wrinkle. If the waves are reduced, the wrinkles will be more fine.
I initially wanted to do a full video tutorial on how to create this model and how the method can be adjusted for different outcomes. Perhaps that will come in the future.