Tec Toy is the company that brought the Sega Genesis to Brazil & helped distribute it. You can see an effort of theirs above, but here are some dolls. They were in charge of some merchandising too! These classic plushes were released there in the 90s & had 4 sizes. The giant one, however, is much, much larger than the next size down one. It's clear they used the same pattern for each size...and it didn't really work out too well because the ears are so far to the sides of the head, the tops of the arms ended up flat (problem with large plush) & the bigger sizes also have 'big-body' where in the smalls it's not so evident. Because cloth & stuffing have weight, larger pieces must be put together differently to have the right look/shape.
It also appears none of them really grasped the idea of his pointy tipped shoes or that the buckle should be on the side. The text there doesn't say any sizes. It seems to be in Portuguese? (You can get 'famous character from video games' out of the top one but that's about it)
Here is a fan photo of one of the Tec Toy Brazil Sonic plush dolls. It looks to be probably the small or the medium, it's kind of hard to tell. But, with the oddly positioned ears, blank black eyes & very rounded shoes, you can see that this is clearly from that somewhat odd pattern. Also, look where the tag is: it's in his spikes on his head instead of the back of a leg or the 'tush tag' that most plush tend to have. You can see the little scraps of white at the edges of the shoes where someone has either cut or ripped off the ribbon-stripe from this doll. Also note that the mouth is missing because it was a string. It's interesting to see the product in the ad as a fan photo item.