Belle International Holdings, China's largest retailer of women's footwear, is to acquire Chinese rival Longhao Tiandi Corporation for CNY700m (US$114.4m).

Longhao Tiandi, specialises in the design, distribution, marketing and sales of luxury footwear and designer handbags in the People's Republic of China, and operates the SKAP footwear and leather goods brand.

Belle International said the deal, which is expected to close during the first quarter of 2014, complements its existing portfolio by adding a high-end casual footwear brand. And because the two companies operate in the same sector, there are also likely to be synergies and economies of scale from the acquisition.

Separately, Belle commented on reports it has acquired an Italian global fashion wear brand in mainland China, Hong Kong and Macau, for CNY120m.

The company said it would make an announcement only if the group or its subsidiaries entered into a legally binding agreement.