I've been told Attila in Richmond, VA can work magic.
It's called "channeled stitching". A layer around the edge of the sole is peeled back, a little channel carved into the layer underneath, and the stitching is done inside the channel. Then the layer that was peeled back - about half an inch all the way around, is glued back down over the stitching which lies flush inside the channel.
Eventually, the layer of leather over the channel usually starts coming away or wears away, and then you'll start to see where the stitching is!