Fast-fashion brand Shein expects to net $24 billion in sales this year, closing the gap on rivals Zara and H&M, according to a Wall Street Journal report.

Shein launched in 2008 in China and has since relocated to Singapore. Initially seen as a drop shipping business, the company has reinvented itself as one of the biggest online retailers for stylish yet affordable clothing.

The retailer offers women's tops on its website for as low as $2 and some dresses for under $5. Its business model is centered on accelerated production, quick inventory turnaround and low prices.

The privately held company does not disclose its sales or financial data.

The company said it expects gross merchandise value to grow 50% to $30 billion this year, a representative told the Wall Street Journal.

The company has delayed plans for an initial public offering in the U.S. until 2024. In a recent funding round, the company was valued at $100 billion, surpassing its rivals' combined value.

Inditex SA (ITX), Zara's parent company, reported about $27.6 billion in net sales for the last fiscal year, which ended in January. The Spanish company's net sales halfway through the current fiscal year rose 24% to about $14.7 billion, as more shoppers returned to stores.

Stockholm-based H&M Hennes & Mauritz's full-year revenue ending November 2021 was about $18.1 billion.