The Elves and the Shoemaker is a popular tale written by the Grimm Brothers in 1806. It tells the tale of a poor shoemaker who gives the last of his wealth to an even poorer old lady and is left with only enough leather to make one last pair of shoes. That night a couple of naked elves come and make a pair of the most beautiful shoes ever made, for the Shoemaker to sell. The elves keep doing this night after night and the shoemaker becomes very successful. To thank the elves, the Shoemakers wife makes them some clothes and in doing so, inadvertently frees them of their obligations.
I couldn't resists the Christian Louboutin reference, oh and there is another subtle reference for Studio Ghibli fans in there, which shouldn't be too hard to spot.