Latex is a chemical substance which is used to create rubber.
Natural Latex is obtained from the sap of certain plants and can be later vulcanized and finished into a variety of products.
Latex materials are known to have many applications especially in the footwear industry where they can be used to make shoe insoles and outsoles to add flexibility and extra cushioning.
About Loafers:
Loafers or penny loafers are low, leather step-in shoes with tops that resemble moccasins, but have broad flat heels. Loafers have no shoelaces or buckles. Penny loafers are made of leather and are often worn for formal occasions.