New Alden Cordovans - is this a defect? or is this "character?"

I recently treated myself to my first pair of Alden Shell Cordovan shoes. The first pair I had to send back because of a couple of tears in the lining. I received the replacement, and I really love them, but there is a part on the captoe where the leather looks puckered, and I can't tell if it is a flaw, or if this is the kind of thing that you get when you buy a handmade Alden shoe. I don't expect everything on the shoe to be perfect, and I appreciate the kind of variation that adds character, but I don't know if this qualifies as that. Judging from the pic below, would you think?

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New Alden Cordovans - is this a defect? or is this "character?"