That should only be found on a factory second, since it surely shouldn't get past QC. That said, it looks like a small knick or gouge to me. The leather shouldn't chip, and it certainly shouldn't crack unless it is neglected for quite a long period of time. On a new pair, I'd simply guess that it was a manufactering flaw. It's up to you as to whether or not it is a deal breaker, but I'd be comfortable with the integrity of the shoe itself.