Formality level aside, I think these are an improvement from their 'pinch' bit loafers.Oak Street's version is my favorite though, with a narrower strap and overlapping plug.I'm not really a bit-loafer fan but I saw that Leffot is doing a preorder for some Color #8 bit-loafers from Rancourt. They look pretty good! Rancourt x Leffot Bit Ivy Pre-order
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They are pretty nice looking - a bit more formal than many of the other bit-loafers I've seen.