I've installed three Wheelskins leather steering wheel covers. It takes some effort (wear a glove on the pulling hand, and take your time), but they're inexpensive ($60) and look and feel great. The only thing you might not like is that it might not cover the Alcantara completely.
2004 BMW 330i ZHP (52k miles), Jet Black with black leather, MFactory LSD (3.38) with Z4 cover, 18"x8.5" ET38 APEX Arc-8's (Anthracite) with 245/40 Michelin PSS', Koni Sports with factory springs and front and rear reinforcement plates, Shark Injector, Corsa TSE3 cat-back exhaust, TMS under-driven pulleys (water & steering), CDV delete, TMS CF strut brace, K&N CAI, GAS DISA rebuild, TMS pedals, Wheelskins steering wheel cover, roller tray center console, black-out grilles, and WeatherTech mats