Muvez Net Worth: What Happened To Muvez Company After Appearing On Shark Tank?

Taking off your shoes before entering your home has become more crucial and customary as a result of the COVID-19 outbreak. Don’t you detest having to remove your shoes just to have to go to the trouble of re-putting them when you forget anything outside? So what is Muvez Net Worth?

Although regular slippers are OK, you eventually wind up with a disorganized pile of shoes and slippers by 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 new slipper/athletic shoe design is offered by the shoe business Muvez. Shoes from Muvez include dual sole technology, which features entirely detachable and re-attachable light rubber soles for simple on and off.

The two-in-one shoes are said to be snug and comfortable as indoor slippers as well as for use in athletic outside activities including jogging, walking, and jumping. The nicest aspect 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 go outside to run errands, you can simply put the soles back on.

Muvez Shoes 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% interest 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 entrepreneurs gave the sharks their phone numbers as well. Each pair of Muvez shoes costs $26 to land. However, the selling price of $110 gives the business enormous profit margins. Muvez uses its website and other online sales platforms to do direct sales to clients.

Without investing in marketing, the company’s total sales at the time the episode was being filmed were $73,000.

Daymond, founder of Fubu John thought the shoes with the two soles were cool. Shark But Kevin O’Leary chose against investing because he felt the danger was too great in such a challenging environment.

Shark Robert Herjavec also chose not to. He claimed that the athleisure slippers and shoes would be challenging to brand and promote. Shark Mark Cuban concurred, stating that while he likewise adored the idea and appreciated its distinctiveness, he was also aware that promoting the product would be quite expensive. He expressed his best wishes to the three businesspeople and withdrew his proposal.

There are only Lori Greiner and Daymond John left after three Sharks have been eliminated. Greiner expressed her admiration for the product to the Muvez creators. She would only agree to a bargain if another Shark did it with her, though, as she was a little wary of the danger.

Muvez Net Worth

Shark John informed the group that they would require assistance with licensing, based on his own brand, Fubu, and his own experience. He offered to pay the Muvez founders the whole $200,000 in exchange for a 33.3% stake in the business, but Greiner’s offer to partner in a partnership was rejected. Greiner announced her intention to withdraw from the auction and said, “Daymond would have been a terrific partner, but he threw me under the bus.

Entrepreneur Kevin Zamora countered with a bid of $200,000 in exchange for 25% shares. John concurred and accepted the offer of 25% equity. To seal the deal, he stood up and gave the group a handshake and an embrace.

Muvez After Shark Tank

The business saw an increase in sales following the April 2020 airing of the Shark Tank season 11 finale episode that featured Muvez.

The creative slipper shoe company Muvez was able to treble their $100,000 in 2019 revenue in just three months after the program aired! The Shark Tank sales boom took place during the height of the coronavirus pandemic when many non-essential businesses in the US were shut down and online buying was popular among Americans. To be able to deliver, Muvez’s founders had to pack the orders themselves.

Muvez was able to make a donation to the World Health Organization because of the rise in sales (WHO). Additionally, the business gave 500 pairs of the First Responder sneakers to the New Jersey hospital Hackensack University Medical Center.

Concerns about the COVID-19 virus being spread through footwear have also prompted more customers to seek out the brand.

As of August 2020, Muvez has added the Women’s Muvez line to its lineup in addition to two more colorways for the Original Muvez Slipper for men. On the business website, Muvez slippers are still accessible.

In keeping with its mission, the company entered the athleisure market by teaming up with athletes like Langston Galloway and the Detroit Piston.

Reviews from influencer Jesse ‘Filayyyy’ Jones, shoe reviewer Tom Finds, and shoe designer Salvador Amezcua, aka Kickstradomis, also contributed to the increase in popularity and brand recognition. Through designer Chris Lavish, Muvez footwear also participated in New York Fashion Week.

Muvez Net Worth

Muvez Net Worth is estimated to be around $3 Million in 2022. The company was able to triple its whole 2019 income of $100,000 in just the first half of 2020 because of the increase in sales that followed the airing of the Shark Tank episode!

Sales for the manufacturer of indoor/outdoor slipper shoes are undoubtedly increasing as a result of expanding brand recognition and COVID precautions that the brand is able to handle.

The founders of Muvez presented Muvez on Shark Tank with a $1.3 million valuation. Muvez was valued at $800,000 before Daymond John invested $200,000 for a 25% stock position in the business.

Although the business hasn’t formally disclosed its 2020 net worth, it appears like Muvez will achieve this valuation given the steady increase in sales.

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