Muvez Footwear Shark Tank Update – Muvez Net Worth 2024

Many people find it a hassle to put on outdoor shoes and indoor slippers, especially when they need to go outside for a short period of time. All the slippers are not meant for outdoor or outdoor slippers for indoors. So, changing shoes frequently is a time-consuming and uncomfortable habit.

Ryan Cruz, Eric Cruz, and Kevin Zamora developed Muvez Footwear in order to solve this common problem. Their innovative invention, house slippers with removable soles, enables users to effortlessly switch between indoor and outdoor comfortable shoes without having to worry about tying laces or changing shoes. Their objective was to deliver a fashionable and easy-to-use option for people who wish to move into their house and the outside world comfortably. 

The founders made an appearance on Shark Tank, seeking $200,000 for 15% equity. They presented the sharks with their original shoe design and requested funding to expand their company. Let’s find out if the founders got the deal or not. 

Muvez Footwear Net Worth 2024

Ryan Cruz, Eric Cruz, and Kevin Zamora asked for a $200k investment in exchange for 15% equity in their company, Muvez Footwear. This meant they valued their company at approximately $1.33 million. They made a deal with Daymond John for $200k in exchange for 25% equity, which valued their company at $800,000. After the show aired, Muvez Footwear experienced significant growth in sales and recognition, including $400,000 in sales shortly after the episode aired. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Muvez Footwear in 2024 is about $1.46 million.

Muvez Footwear Shark Tank Update

After Shark Tank, Muvez Footwear had a rapid increase in sales and recognition. The company almost instantly generated $400,000 in sales because of the publicity from the show. The market showed outstanding interest in their unique product. Building on this growth, the company maintained its operations and expanded its line of products. During the COVID-19 pandemic, Muvez Footwear also donated $1 from each transaction to the World Health Organization and distributed shoes to medical workers, including nurses and doctors.

As a result of their increased marketing efforts, they were able to partner with NBA player Langston Galloway in 2021 to further promote their brand. Muvez took the top prize in the FedEx Small Business Grant Contest in 2022, which raised their profile even more and gave them more money for growth. Muvez Footwear is still doing well in 2024 because of its strong social media presence and many 5-star reviews, which reflect the company’s dedicated customers and expanding reputation.

Yes, the company got a deal of $200,000 for 25% equity with Daymond John. First, Daymond offered him $200,000 for 33% equity, but the founder did not accept it. They counter-offered $200,000 for 25% equity. After some negotiation, Daymond accepted their counteroffer and Locked the deal.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Daymond John	$200,000 for 33% equity	$200,000 for 25% equity	Yes
Lori Greiner	Out	N/A	N/A
Kevin O’Leary	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Muvez Footwear Shark Tank Pitch

Muvez Footwear was founded by Ryan Cruz, Eric Cruz, and Kevin Zamora as a solution to a common problem they faced. The Struggle of changing between indoor and outdoor footwear. Their goal was to design a product that could easily change between being useful outside and comfortable indoor shoes. They were inspired by this and created a slipper with an easily removable sole that could be worn or removed.

They make these shoes ideal for fast journeys outside without requiring a change of shoes. The founders encountered many difficulties in the early stages, such as problems with production and branding. They overcome these challenges by producing the shoes in their garage in New Jersey. They concentrate on a direct-to-consumer sales strategy to reduce expenses and maintain quality control.

During their Shark Tank pitch, The Muvez Footwear team showed how their product worked and how simple it was to attach or remove the replaceable soles. They highlighted how easy it was to wear their shoes both inside and outside without having to bother about changing shoes.

The creators additionally highlighted the variety of colors and styles they are offering to suit various preferences and tastes. They requested $200,000  for 15% stock. They needed this investment to expand their marketing and production capabilities. The sharks were impressed with the product’s clever design and usefulness. 

Mark Cuban inquired about expenses and sales numbers. The owners disclosed that since April of the filming year, they had made $73,000 in sales. They only sold their goods online with no marketing costs. A sole costs $8 to make, with a selling price of $19.99 to $29.00.

Robert Herjavec felt that the absence of a marketing strategy would not properly convey the advantages of the product. In response, the founders told the sharks that they were concentrating on word-of-mouth marketing and direct-to-consumer sales to reduce their expenses. 

Kevin was the first shark to quit because he thought that the business had less value and more risk. 

Lori Greiner liked the concept but was hesitant to make a personal investment. She stated that while she might not be interested in an individual investment, she might be interested in a group agreement.

Daymond John was interested in knowing if the product might be licensed because he thought this would be a great way to grow. The founders’ willingness to use this option resulted in the agreement with Daymond. 

Kevin O’Leary was interested in the product, but he declined to invest because he felt that this business was a huge risk.

Robert Herjavec and Mark Cuban both didn’t like the marketing strategy. Both were unsure about the product’s growth in the future, so they decided not to offer

Lori Greiner thought the concept was interesting, but she wasn’t sure if she should make the deal individually. She was interested in making the deal in a group but she wasn’t joined by anyone in a group deal. 

Daymond John thought licensing was a good way to go forward and enjoy the goods. He made an initial offer of $200,000 for 33% equity. After some negotiation with the founders, he agreed to reduce his initial offer of $200,000 for 33% equity to 25%, which closed the deal.

Product Availability

Direct purchases of Muvez shoes can be made via their official website, where the soles are priced between $19.99 and $29.00. These slippers attract a range of interests and preferences because they are available in a variety of colors and styles. In order to interact with their customers, they have also increased their presence in other online stores and kept an active social media presence. 

Conclusion 

Muvez Footwear’s Shark Tank journey is proof of the strength of creativity and determination.  The founders were able to attract both customers and a shark investor. They recognize a common issue and develop a straightforward, workable solution. Muvez Footwear has been able to grow and expand because of its partnership with Daymond John.

This shows that even a tiny business can have a significant influence with the proper idea and dedication.  Muvez Footwear is still going strong in 2024, and they have plans to keep growing their customer base and launching new items. This story shows how a creative approach combined with workable solutions may produce amazing results.