- Bluchers also called Derbies (shoes with open lacing) are considered shoes for casual attire.
- Balmorals also called Oxfords (shoes with closed lacing) are considered shoes for business/formal attire.
The shoe you bought is a Blucher type shoe, it's also a full brogue shoe, the less brogueing on a business shoe the better. Basically the only good things it has going on formal wise is that it's black and is made from calf leather.
Example's of "correct" shoe choice for...