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While monk straps have a historical precedent, as shown here, they have exploded in popularity in the 21st century, as their formality level is above that of styles like loafers and boat shoes, but not quite as reserved as Oxfords
IMO this style would go wonderfully with vintage and retro clothing
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Business events: Business events, such as conferences, seminars, or networking gatherings, often call for formal attire to convey professionalism and respect for the occasion
