This study reports on the colour and gloss properties of pigment-printed polyurethane-based synthetic leather using an ultraviolet (UV)-curable water-borne polyurethane acrylate binder and two types of photoinitiators (Omnirad 819 DW and Omnirad 500) at different ratios. The UV curing of printed synthetic leather samples was conducted with gallium and mercury lamps, either singly or in combination, at three different power levels. Chemical changes in the cured films because of the polymerisation of the UV-curing process were analysed by Fourier Transform-infrared spectroscopy, which showed that the polymerisation reaction occurred after UV curing in both the clear and in the pigmented films. The Omnirad 500 photoinitiator is more effective in surface curing and the Omnirad 819 DW photoinitiator is more effective in deep curing. The Omnirad 500 photoinitiator caused the gloss values to drop significantly, especially in the formulation including both photoinitiators, Omnirad 819 DW and Omnirad 500, at a 1:2 ratio, respectively. In the formulation including a higher ratio of the Omnirad 819 DW photoinitiator, higher gloss values were obtained compared with the formulation including a higher ratio of the Omnirad 500 photoinitiator. Considering all the results, the highest gloss value of 20.96 was obtained with samples printed with the formulation of the two photoinitiators at an equal ratio (1:1) cured under a gallium/mercury lamp combination at a power level of 90 W/cm. Moreover, the highest K/S value of 10.86 was obtained with samples printed with the formulation of the two photoinitiators at an equal ratio cured under the gallium lamp at 90 W/cm.