Balenciaga's $2,145 bag looks like Ikea's 99-cent tote

France-based luxury brand Balenciaga has launched recently a couture bag that resembles largely Ikea's iconic tote, generating a lot of cheeky responses from the Netherlands-based retail giant, on social media and even from fashion insiders.

The bags come in similar color, neon blue, and construction, and seem to be bigger on the inside. Ikea's Frakta bag is made of recyclable plastic while Balenciaga's Arena Extra Large Shopper Tote uses glazed leather with gold-stamped details. The tote bags' glaring difference, however, is the price. Ikea's bag goes for 99 cents while Balenciaga's carry-on lists at $2,145.

Balenciaga has not publicly responded to the issue but Ikea does not seem to mind. A company spokesperson told Today, "We are deeply flattered that the Balenciaga tote bag resembles the Ikea iconic sustainable blue bag for 99 cents. Nothing beats the versatility of a great big blue bag!"