What do we have here? Mystery Italian (?) chair  

It's actually Norwegian....
It's actually Norwegian. Terje Ekström 'Ekstrem' chair.

It's the Ekstrem Armchair by...
It's the Ekstrem Armchair by Norwegian Terje Ekström.
Is it comfy?

Thanks for the quick answer....
Thanks for the quick answer. The chair is a lot more comfortable than it looks.
My friends are considering having it re-upholstered as it has a few rips etc. I'm guessing this would be pretty expensive as it seems to me that it would have to be done by hand no?

You can buy replacement covers
from the manufacturer:
Varier USA, Inc.
475 Hillside Avenue
Needham, MA 02494
781 444-7745info@varierusa.com