The Swedish retailer has clapped back at luxe fashion house Balenciaga’s expensive take on its 99 cent bags.

Balenciaga got everybody talking last week when they came out with the ‘Arena Extra-Large Shopper Tote Bag’, a large blue tote bag that looks almost exactly like IKEA’s famous ‘Frakta’ bag.

The key difference between the bags is that IKEA’s is made of recyclable polypropylene material, while Balenciaga’s is constructed out of “blue wrinkled, glazed leather”. Naturally, the Balenciaga bag also ditches the large IKEA branding over the straps in favour of a small Balenciaga label.

Oh, there’s one other key difference, too — Balenciaga’s bag retails at AU$2,852, whereas the Frakta will set you back 99 cents.

Now, IKEA has reasserted its status as the originators of the giant blue tote bag with a pointed ad conceived by Swedish agency ACNE.

ACNE creative director Johan Holgrem says his team began work on the ad virtually as soon as the Balenciaga bag dropped.

“I wanted to act fast, so we contacted our client the day after and I said, ‘We’ll have creative work ready within two hours’,” Holgrem told Creativity Online.

Holmgren says his client wasn’t offended by Balenciaga’s blatant copying, calling it “unexpected and brilliant”.

“I like the flirt, and I thought, ‘Why not flirt back?’ And we did.”

Who wore it better — IKEA or Balenciaga? Have your say in the comments below!