From Final Fantasy Wiki

Red Shoes seen in Final Fantasy V.

Red Shoes, also known as Red Slippers or Red Boots, is a recurring accessory in the series. It often grants bonuses towards speed.

Appearances

Final Fantasy V

Red Slippers is an accessory that is only gotten near the end of the game, by either finding it in the Interdimensional Rift or by stealing it from Cherie. It provides +11 Defense, +2 Magic Defense, +3 Magic Evasion, increases chances of using Sword Dance through Dance, and grants immunity to Confusion.

Final Fantasy Tactics

Red Shoes can be bought for 10,000 gil and provides +1 Magic and Move.

Final Fantasy Tactics Advance

Red Boots provide +3 Defense, +5 Magic Resistance, and +2 Evade.

Final Fantasy Tactics A2: Grimoire of the Rift

Red Shoes provide +3 Defense and +5 Resistance and Speed.

Final Fantasy Crystal Chronicles

Red Slippers are a Magic-raising artifact that increases Magic by 3.

Etymology

The accessory is likely based on the fairy tale The Red Shoes, by Hans Christian Andersen. In the tale, a greedy girl tricks her surrogate mother into buying her expensive shoes, but the shoes are cursed by due to the child's deception and vanity and she is condemned to dance for all eternity as punishment. The child is forced to chop off her own feet and give penance to God in order to remove the curse.