Muvez Net Worth: What Happened After Shark Tank?
Taking off your shoes before entering your home has become more important and customary as a result of the COVID-19 pandemic. Don’t you detest having to remove your shoes only to have to go through the trouble of re-putting them when you forget something outside?
Although regular slippers are fine, you eventually end up with a disorganised pile of shoes and slippers at the door. Enter Muvez footwear, a cutting-edge shoe company that enables you to quickly change from your athletic shoes to your spotless indoor slippers.
What is Muvez?
A revolutionary slipper/athletic shoe design is offered by the shoe company Muvez. Shoes from Muvez have dual sole technology, which features fully detachable and reattachable light rubber soles for simple on and off.
The two-in-one shoes are said to be cosy and comfortable as indoor slippers as well as for use in athletic outdoor activities like running, walking, and jumping.
The best part is that you don’t have to take off your shoes when you need to go inside because you can simply slip the soles off. When you need to make a quick run outside to run errands, you can simply slip the soles back on.
When entering a home, many people take off their shoes and wear slippers instead. To remedy this, businessmen Ryan Cruz, Kevin Zamora, and Eric Cruz created Muvez, a pair of slipper-like shoes. Muvez is currently worth $3 million as of 2022 after securing a deal on Shark Tank.
About the Founders
Brothers Ryan and Eric Cruz are from New York City. Eric received a master’s degree in Business and Sports Administration from Fairleigh Dickinson University, while Ryan pursued industrial and product design studies at the New Jersey Institute of Technology. Kevin Zamora is from Carlstadt, New Jersey, and graduated from Bergen Community College and Miami Dade College with two associate degrees each.
For The Walt Disney Company, he also served as an intern. The three co-founders’ initial career paths were very dissimilar. However, Ryan’s college assignment to reimagine a popular consumer good brought them together.
Establishing the Company
Eric made the choice to assist his brother with his assignment. The two came up with the concept for footwear with removable soles that can change from being a shoe to a slipper after observing the wear and tear on their mechanic father’s slippers. The Cruz boys started moulding the first version of their product after purchasing supplies from the local craft shop.
Although Ryan’s professor didn’t like the concept, they persisted. Kevin, who had already assisted in the founding of several startups, began working with them. In 2017, the three of them founded Muvez together. They launched a Kickstarter campaign and collected $33,873 in total. They generated $70,000 in sales after a year.
Shark Tank Appearance
The trio’s request to present their product on Shark Tank in 2020 was granted. The company was valued at over $1.3 million when they entered the tank and offered Sharks 15% equity in Muvez for $200,000 each. The cast of the show praised the trio’s specialised footwear and the way they successfully expanded the company in its infancy. But the majority of them came to the conclusion that the shoe market is overly competitive.
Despite being hesitant, Lori Greiner could see its potential. She suggested working with Daymond John, but he preferred to go it alone and made an offer of $200,000 for 33%. Daymond accepted the counteroffer of $200,000 for 25% from the Muvez founders. The guys were overjoyed because it was obvious they had wanted Daymond to join them before.
After Shark Tank
Just three months after the episode of Shark Tank that Muvez was featured in aired, it is said that Muvez quadrupled its $100,000 in 2019 revenue. When many non-essential businesses were forced to close due to the pandemic, there was a significant increase in sales. As a result, Eric, Ryan, and Kevin had to pack the orders themselves, but things turned out okay for them in the end. The business unveiled a women’s product line in 2020. Pre-orders for Muvez’s “New Traveler” show begin in 2022.
The business offers Shop Pay as a way for customers to pay in instalments to support them. They have begun collaborating with a number of NBA players, such as Langston Galloway and the Detroit Pistons. The shoes are currently available for purchase on their website and Amazon.com.The business is on the right track with a current value of $3 million. The heel security technology Muvez tried to patent was unsuccessful. They were therefore unable to pursue licencing agreements with more established shoe brands.
Muvez Shoes featured on Shark Tank
With their Muvez shoes on, Eric and Ryan Cruz and their best friend Kevin confidently entered the tank in search of a $200,000 investment in exchange for 15% equity in their footwear business. The group distributed samples to the shark panel, which consisted of Daymond John, Kevin O’Leary, Robert Herjavec, Mark Cuban, and Lori Greiner. The founders gave the sharks their phone numbers as well.
Each pair of Muvez shoes costs $26 to land. However, the retail price of $110 gives the business enormous profit margins. Muvez uses its website and other online sales platforms to conduct direct sales to customers. Without investing in marketing, the company’s total sales at the time the episode was being filmed were $73,000.
Are There Any Alternatives?
After airing on Shark Tank, Muvez Slippers became popular for a reason. Many people had never before seen a pair of wearable shoes with a detachable outer sole. Except for Dualyz, there are no substitutes for Muvez Slippers. This shoe company also offers a variety of shoe styles with removable outer soles. Their removable outer soles are not as strong and long-lasting as Muvez Slippers’, though. Running or engaging in any other sport cannot be done while wearing them for an extended period of time.