Back in the early nineties there was a now famous (or infamous) series of storylines that followed the breaking, replacement, and return of Bruce Wayne as Batman called Knightfall, Knightsend, Knightynight, and all sorts of other clever names (read all about it...elsewhere.)
Kenner did well with their at the time industry standard sized (3-4") Batman and Justice League figures. With little fanfare and even less fan support, Kenner tried to get a little bigger by releasing a line of 6" action figures in 1999. The series included Superman, Batman, Superman Red and Blue, Captain Marvel, and Knightfall Batman. It apparently didn't do very well and faded fast.
Anyways, throughout the storyline Batman's replacement progressively updated the Bat costume into the one seen here (and beyond) with this result being the most widely recognized version. Knightfall Batman is the only one I picked up from the series, and frankly the only decent one of the whole set. I'm glad I did, as this size has now become the comic character industry standard (thanks to Marvel Legends) and you don't tend to see these Kenner figs very often these days.
I do hope Mattel, with their new DC Universe Classics series, revisits the character soon.