Balenciaga's new bag closely resembles an Ikea tote

Have you ever dreamed of owning an exclusive designer bag but lack the thousands of pounds needed to actually purchase one?

Well, chances are you already have a version of the new Balanciaga bag in your closet at home, because it looks suspiciously like one of Ikea's famous big blue bags.

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Instead of a cheap knockoff of an expensive bag, this is a pricey version of something costs just 40p!

The new Arena extra large shopper tote made from blue wrinkled glazed leather looks to be an almost perfect replica of the large shopping tote from Ikea.

The only difference is the £1,675 dollar price difference.

Ikea is loving this new high end bag copy of their classic design and told the Today Show quote: "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!"

But it's a little less versatile because if something happens to the Balenciaga bag you can't run right back to the store and get another one.

Fancy the cheaper version? You can pick it up on the Ikea site here!