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$25 million for the world’s most expensive leather shoes

A $25-million prize has been announced for luxury shoes.

The New York Times reported the prize, to be named after fashion designer Karl Lagerfeld, will be awarded to a winner in the fashion world’s second most expensive fashion category, $25,000 per pair.

The prize will be presented in New York City on March 10, 2018.

“Lagerfeld’s iconic shoes are iconic, timeless, and timeless,” said Michael J. Ochs, president of the Fashion Institute of Design and Merchandising, in a statement.

“They’re timeless in a way that’s not just fashion but also life itself, and that’s something that we think is important.”

Lagerstedt, a Swiss-born couturier and designer whose works have been exhibited at New York’s Metropolitan Museum of Art and Versace, has been awarded the prize three times in the past.

He won in 2003 for the $15,000,000 Louis Vuitton watch he created for his late father.

He has won twice before, in 2008 for $8.8 million for his work for Calvin Klein, and in 2010 for $9.3 million for a pair of Louis Vuits shoes.

“This is something that’s been on my mind for years, and I’m thrilled to announce the world will finally get to see the shoes that inspired the world, and the shoes I’ve been wearing for a long time,” Lagerberg said in a video announcing the prize.

The winning shoe will be sold at a special auction in New Zealand on Feb. 28, 2019.

“I’m very excited about this and I think we’ll be seeing a lot of his work in New England and elsewhere around the world,” said Ochss, who also chairs the fashion and footwear board of the Society of Fashion Designers.

The winner of the Lagerstein prize will receive a cash prize of $25m, and will receive another $5m if the winning shoe is a New York luxury shoe, the Times reported. Ouch.