It’s a Robin figure produced in the 1970s by Lili Lely in Mexico under a license from Mego. As Brian Cronin explains in the latest “Comic Book Legends Revealed” column, Mexico had laws requiring toys to be manufactured domestically, so Mego licensed its molds.
Evidently Lili Lely didn’t believe in a superhero in shorts. Or perhaps it was cheaper to give Robin the same red boots that Superman wore instead of manufacturing pixie boots. The company also made Robin’s sleeves about as long as the other heroes’ and left the R symbol off his jerkin.
I remember the Batman and Robin
Nevertheless, in giving Robin green pants and boots, the company presaged the redesigns of the 1990s and beyond.