Yes, I think this is correct. The pocket on the side is for the collar bones.
Could that be a vintage piece? Ties were a bit shorted back then.
It does appear vintage, and seems rather nice what with the silk moire and the leather.
I have seen old Mark Cross pieces that looked like that.
It's old, but I don't know the years.
Inside is written "Pearse, Blubberhollow".