The product description on luxury U.S. retailer says it鈥檚 鈥渃onstructed from blue wrinkled, glazed leather鈥� and includes flat leather handles and a visible gold-stamped logo.

The 鈥淎rena Extra-Large Shopper Tote Bag" is a recent addition to French luxury fashion house Balenciaga鈥檚 handbag collection and costs a whopping $3,170 (US$2,145).

There is also something awfully familiar about it.

Online sleuths have started drawing comparisons on social media between the designer鈥檚 high-end tote and Swedish furniture maker .

You know鈥� the crinkly, foldable, blue, giant tote bag made of polypropylene that costs all of $1 and is used by Ikea shoppers to haul lamps, TVs, dish plates and whatever else they need to carry around the busy store.

The handy recyclable bag became such a staple at the furniture retailer that it鈥檚 sold in multiple sizes and receives an almost perfect rating in reviews on Ikea鈥檚 website with many users gushing about how often they use the versatile product at home.

Although Balenciaga hasn鈥檛 publicly responded to the online comparisons, the similarities between the two products are undeniable.

The blue hue, the length of the straps and the size and shape of the tote bags have all been pointed to in side-by-side comparison photos posted online by Twitter users intent on mocking the designer brand鈥檚 extravagant price point.

Of course, there are some differences between the bags.

One is made of 鈥済lazed leather鈥� (which means it鈥檚 been polished to look shiny), has a gold-stamped Balenciaga logo affixed to it and will set you back more than your monthly rent. The other one is made of recyclable polypropylene plastic, incorporates some yellow detailing on the straps and will cost you less than a cup of coffee or the store鈥檚 Swedish meatballs.

Instead of being angered or even annoyed by Balenciaga鈥檚 look-a-like bag, Ikea has appeared to welcome the imitation.

鈥淲e 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!鈥� Ikea told the Today show in an emailed statement on Monday.

How鈥檚 that for fashion diplomacy?

Now, quick! Go rummage around under your sink for that forgotten Ikea bag. It鈥檚 high fashion now.