It's something like that, but possibly a little more upmarket. It was started by a chap called Johnnie Boden, ex-city / financial type. It sells the sort of clothing upper-middle class English people like to dress in - basically a sort of blend of traditional (cords, tweed) with something a little more modern (loud shirtings, fleeces). It's all rather expensive / poor value at their usual retail prices, and I even went along to one of their bi-annual clearance sales last month and came away empty handed - the majority of their production is based in Eastern Europe, and I didn't see the point in paying (even deeply discounted) Â£25 for one of their shirts when I can get better (Lewin) for the money, or spend more and get H&K / similar on sale.
I suppose for business model you're best thinking along the lines of Thomas Pink - image over substance, and inflated prices.