Looks from the Thursday Boots dress shoe collection.

Thursday Boot has come up with a novel way to introduce its entry into the shoe part of the business.

Today, the company will officially launch dress shoes to complement its assortment of men’s and women’s boots. But the brand is implementing a “choose what you pay” model for the debut. From midnight to 11:59 p.m. today only, customers can choose any price between $80, which covers manufacturing and shipping, to $480, which represents a five-fold markup.

Nolan Walsh, chief executive officer, said, “We think we have made some of the best dress shoes available at any price point and that our community is willing to pay fair value,” he said. “We see this as a great opportunity to highlight our honest pricing philosophy in a fun and interactive way. It’s going to be exciting to see what happens.”

The regular retail price of the collection will be $149.99 to $179.99. They feature Goodyear welt construction, full-grain leathers, corkbed midsoles and glove leather linings.

Connor Wilson, chief operating officer, said the idea was proposed by a team member, Rich Carelli, as a joke, but the company decided to go with it. “We aren’t aware of anyone else ever launching a physical product as ‘choose what you pay.’ While there is certainly a risk people will take advantage of it, we think that anyone who tries the shoes will be so impressed that they come back to buy more at our regular and honest price.” 

The company is promoting the launch on its web site and social media channels.

Thursday Boot expects to launch women’s shoes later this year and Wilson said if the men’s promotion is successful, expect more ‘choose what you pay’ launches down the road.”