Called Karismatisk, the bright pink carrier bag features shoulder straps and curved frilly edges.
Frakta bags are normally blue with IKEA-branded straps. Shoppers can purchase them at the till to take their shopping home with them, and their waterproof, durable and roomy nature means they are cherished and repurposed regularly.
"The Frakta bag is IKEA!" said Rhodes.
"The bag could not be left out of the Karismatisk collection and I was so excited to have my take on one of the most famous and identifiable IKEA products."
Rhodes is recognisable for her shocking pink bob – matching the bag – and colourful design aesthetic. The ruffles on her version of the bag were inspired by the back of pillows she owns.
She began designing fashion and textiles in the 1960s, rising to fame for her take on the British punk scene in the 70s and dressing the likes of Diana Princess of Wales and Freddie Mercury.
"The IKEA team really get the Zandra Rhodes aesthetic, and because of this we just bounce off one another," said the designer.
Set to drop in September 2021, the full Karismatisk collection will include 26 objects for the home in Rhodes' signature bold colours and patterns.
"It is wonderful being able to go all out with both patterns and colours," said IKEA's in-house designer Paulin Machado.
"Zandra is phenomenal at this, this simmering stew of bold patterns and bright colours that cooks up to something tantalising and beautiful. I want, like, all of it!"
IKEA's polypropylene Frakta bag is so ubiquitous that it has even had some highbrow copycats. Balenciaga brought out a blue leather tote bag that looked strikingly similar, prompting IKEA to release a handy spot the difference guide to telling the two apart.
Photos courtesy of IKEA and Zandra Rhodes.