design flaw

15 mths ago I purchased the Tefal Steam generator iron model GV8461 and within the past month the lead has come off the reel which is incased within the stand. So I am not able to get the lead to extend out of the iron base. It is outside the 12 mth warranty so neither Tefal or the retailer want to know. The iron retails at £200 and Tefal offer was to get me to purchase another iron at a reduced price of £167.99 or send the faulty one off for repair with minimum charge of £64. It is day light robbery. It is a design fault within the iron.
Tefal should respect that customers want value for money and exchange a iron that they produced that has a design fault.
Be warn do not purchase