How The Business of Muvez Got Affected After Getting a Deal From Daymond John in Shark Tank?

0
128
Muvez Net Worth

Muvez is a brand that wants to rethink the future of shoes by using removable sole technology as the core of its new ideas.

When they come inside, many people leave their shoes outside and put on slippers. Ryan Cruz, Kevin Zamora, and Eric Cruz, three entrepreneurs, got tired of this, so they came up with Muvez, shoes that can be turned into slippers.

Meet The Founders

Muvez Net Worth

Ryan and Eric Cruz live in New York City and are brothers. Ryan went to the New Jersey Institute of Technology to study industrial and product design, and Eric went to Fairleigh Dickinson University to get his master’s in Business and Sports Administration.

Kevin Zamora is from Carlstadt, New Jersey. He has two associate degrees, one from Miami Dade College and one from Bergen Community College. He has also worked as an intern at The Walt Disney Company.

At first, the three co-founders had very different jobs. But Ryan’s college assignment to rethink a common consumer item brought them together.

Also Read: Emma Grede Net Worth: Shark Tank Guest $3.2 Billion Funds Raised With Kardashians!

Setting Up The Company!

Muvez Net Worth

Eric chose to help his brother with his homework. When the two boys saw how worn out their mechanic father’s slippers were, they came up with the idea of making shoes with soles that could be taken off to turn them into slippers.

The Cruz boys went to a nearby craft store and bought the materials they needed to make the first version of their product. The idea didn’t go over well with Ryan’s professor, but they didn’t give up on it.

They started working with Kevin, who had already helped start up a few businesses. In 2017, the three of them helped start Muvez. They started a Kickstarter campaign and got a total of $33,873 in donations. After a year, they had sales of $70,000.

How They Appeared on Shark Tank?

Muvez Net Worth

In 2020, Shark Tank agreed to let the three people who wanted to start a business pitch their product. They went into the tank and offered the Sharks 15% of Muvez for $200,000, which put the value of the company at more than $1.3 million.

The show’s cast loved their unique shoes and how well the three of them grew their business in the beginning. But most of them came to the conclusion that the shoe business is too tough.

Lori Greiner thought it could be good, but she was a little unsure. She suggested making a deal with Daymond John, but he wanted to go it alone and made an offer of $200,000 for 33% of the business. Muvez’s founders came back with $200,000 for 25%, which Daymond agreed to. Before the pitch, it was clear that the guys wanted Daymond to join them.

Also Read: Robert Herjavec Net Worth: Is He Still on Shark Tank?

What is Muvez’s Net Worth?Muvez Net Worth

It’s said that Muvez’s 2019 income of $100,000 increased by four times in just three months after its Shark Tank episode aired. When many non-essential businesses had to close because of the pandemic, sales went through the roof.

Because of this, Eric, Ryan, and Kevin had to pack the orders themselves, but in the end, everything worked out well for them. The company started making products for women in 2020. In 2022, you can pre-order Muvez’s show “New Traveler.” Through Shop Pay, the company makes it possible for customers to pay for things over time.

They have started working with Langston Galloway and the Detroit Pistons, among other NBA players. At the moment, you can buy the shoes on their website and on Amazon.

As of December 2022, Muvez Has an Estimated Net Worth of $3 Million (Source: Techie Gamers). With a current value of $3 million, the company is moving in the right direction. Muvez couldn’t get a patent for his heel security technology. So, they couldn’t try to get licensing deals with bigger shoe companies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here