I thought it was wood and it is not, I was a bit dissapointed when I found out. HOWEVER, it is not bad quality at all, it looks good and stylish; I just think it is a tad pricey. 
Mine came with some blemishes at the top, not happy about that either, but it would just be a hassle to return it/exchange it. 
Dont get me wrong, I do like it, but I would probably not buy it again, would look for real wood racks.
Thanks