Buy some Angelus red leather paint. I used it on my Sideshow Daredevil that was peeling out the wazoo and it worked like a charm. The key is, you need to let each coat dry for AT LEAST 24hrs. This is something you CAN NOT rush! Take it from me as I tried to rush my Daredevil and ended up having to strip all the work I did and start over. If you rush it, the paint will become tacky and peel off when in contact with another surface, which you obviously do no want.
For your application, I would suggest filling in the areas that have peeled first with the paint in order to get everything level. After that, coat the entire boots so they are a uniform color and you'll have better protection from the rest peeling. This is the best fix I've been able to find for peeling pleather.
Lastly, I would suggest buying your own small brush to apply the paint as the brush inside the cap is rather large and will be gooped up from sitting in the paint. Do not purchase the "Matte Finisher" as it dries super glossy and is also very tacky when it dries. Again, I would suggest allowing each coat to fully dry for at least 24hrs though I think 48hrs is better before applying another coat as well as before putting the boots back on the figure when you're done painting.
Angelus makes different shades of red, so make sure you pick one you think will be close to the boot color.
Here's a link just, so you know what to look for while you're searching for the right shade of red:
https://www.amazon.com/Angelus-Acry...=1597991451&sprefix=angelas+re,aps,203&sr=8-2
