Is this too much red?

Not too much at all - I like same materials and same colour of bag and shoes! I never mixe different colours or materials of my shoes and bags! Great taste - it will look hot!
 
Thanks guys! It's just that I hardly ever match shoes to my bag.

I know what you mean, I never do that either. Personally, I wouldn't wear both at the same time, but I guess depending on what the rest of your outfit looks like, the bag and shoes might look a little more subdued than when they are sitting right next to each other, as in the picture you posted.

Why not post the entire outfit? I think there is a clothing thread somewhere on tPF.

: )