Muvez Slippers Shark Tank Net Worth 2023
Ryan, Eric, and Kevin, the founders of Muvez Slippers, made an appearance on season 11 episode 18 of Shark Tank to secure an investment of $200,000 for a 15% stake in their company. This meant that the total valuation of their company was estimated to be around $1.3 million.
After pitching their product, which consisted of interchangeable indoor/outdoor slippers with customizable and replaceable soles, the sharks were impressed by their innovative approach.
However, it was Daymond John who saw the most potential in the company and offered the founders a deal they could not refuse. He offered $200,000 for a 25% stake in the company, thus bringing the valuation down to $800,000.
The founders were excited about Daymond’s offer, as they knew that he would be able to help them with the branding and marketing of their product. They also believed that Daymond’s connections in the fashion industry would be instrumental in the growth of their company.
Overall, the founders of Muvez Slippers were able to secure a deal that would provide them with the necessary funding to take their company to the next level, while also partnering with a shark who had the expertise and experience to guide them towards success.
What is Muvez Slippers? Who is the Founder of Muvez Slippers?
Muvez is a shoe company that has developed a new shoe design capable of converting slippers into sports shoes.
These shoes feature dual sole technology, which includes lightweight rubber bottoms that can be detached and reattached, making it easy to put them on or take them off.
These 2-in-1 shoes are not only comfortable for outdoor activities like jogging, walking, and jumping, but they also make great indoor slippers.
The best part is that you can easily remove the soles when you need to go indoors, without having to take off your shoes. And when you need to go outside, simply put the soles back on.
The idea for these shoes came about when childhood friends Eric and Ryan Cruz, along with Kevin Zamora, were looking for a solution to the traditional “no shoes inside” rule at home to avoid tracking dirt into the house.
They realized how inconvenient it was to have to untie and tie your shoes every time you went indoors or outdoors.
Their vision was to create comfortable “athleisure” slippers with removable soles that could be worn both indoors and outdoors. Although their first concept was put on hold in 2013 due to obstacles, they finally perfected their design in 2019.
With the help of their coach, Carrega, they were able to find Chinese companies that could assist Muvez in becoming a reality. They raised $33,873 on Kickstarter in September 2019 to launch their first sneakers.
These sneaker/slipper combos are called “3 Ams.” They come in black, grey, red, and blue with white rubber soles, and a single pair retails for $79.99.
Alternatively, there is an interchangeable bundle available for $169.99, which includes two pairs of slippers in different colors and two sets of soles, one white and one black, providing four unique looks.
Muvez Slippers Shark Tank Pitch
Ryan, Eric, and Kevin made an appearance on the 18th episode of season 11 of Shark Tank with a proposal to secure $200,000 for a 15% stake in their company, valuing it at $1,333,333.33.
While the Sharks were impressed with the product, they expressed concerns about the amount of customer education that would be required.
Shark Kevin O’Leary felt that the risk of investing in a company in a difficult market was too great and chose to withdraw.
Shark Robert Herjavec also declined, citing the challenges of branding and selling athleisure slippers/shoes.
Shark Mark Cuban agreed, stating that although he admired the uniqueness of the idea, the cost of marketing it would be high. He wished the entrepreneurs well but declined to participate in the bidding.
Shark Greiner complimented the Muvez creators on their excellent product but expressed hesitancy due to the risks involved.
She said that she would only agree to a deal if another Shark joined her. Daymond, who had experience with his own brand FUBU, suggested that they would need help with licensing.
He declined Greiner’s offer to partner with her and instead offered the entire $200,000 in exchange for a 33.3% stake in the company.
Greiner withdrew her offer, stating that Daymond would have been an excellent partner but had put her under the bus.
Entrepreneur Kevin Zamora made a counter offer of $200,000 for 25% of the stock, which Daymond accepted. The trio sealed the deal with a handshake and a hug.
As of June 2020, the deal with Daymond had not been completed, but Muvez had sold out of their product and made $400,000 in sales since the initial airdate.
Muvez expanded its product line to include the Women’s Muvez line and two new colors of the Men’s Original Muvez Slipper as of August 2020. The company’s slippers are still available for purchase on their website.
During the Covid-19 pandemic, Muvez donated one dollar from each sale to the World Health Organization and gave over 100 pairs of shoes to hospital personnel in Jersey City, New Jersey. As of July 2021, the company remains open and fully stocked.
Muvez Slippers Net Worth
Ryan, Eric, and Kevin appear on Shark Tank season 11 episode 18 in search of $200,000 for a 15% stake in the company. This equates to $1.3 million valuation.
They accepted an offer from Daymond of $200,000 for 25% thus bringing valuation to be $800,000.
Muvez Slippers Competitors
There is no competitor identified for Muvez.
Muvez Slippers Shark Tank Summary:
|Shark Tank episode
|Season 11 Episode 18
|$200,000 for 15% stake
|Kevin O’Leary, Robert Herjavec, Mark Cuban, Lori Greiner, Daymond John
|Daymond John offered $200,000 for 25% stake
|Sales after airing
|Donations during Covid
|$1 from each sale to the WHO, 100 pairs of shoes donated to hospital personnel
|Women’s Muvez line and two new colors of the Men’s Original Muvez Slipper
|Muvez slippers are still available for purchase on their website
|Net Worth (2023)
Muvez Slippers FAQS
What is Muvez Slippers?
Muvez is a shoe firm that has created a new shoe design that converts slippers into sports shoes.
Muvez footwear has dual sole technology, which consists of shoes with entirely detachable and re-attachable lightweight rubber bottoms that enable for simple on and off.
Who is the founder of Muvez?
Eric and Ryan Cruz, together with their childhood best friend Kevin Zamora are the founders of Muvez.
How much were they seeking in the Shark Tank?
They were seeking $200,000 for a 15 percent stake.
Did they get the deal from the Sharks?
They received an offer of $200,000 for 25 percent from Daymond
Where can they buy Muvez?
They can purchase them on their official website.
Do they offer free shipping and returns?
Yes, they do provide free delivery to the continental United States.
They do not currently offer free returns, however please carefully follow their return instructions to speed the procedure.
When will their order ships?
Their order will be processed in 1-2 business days if the item is in stock. It will be sent to a carrier, which should take just 2-3 business days.
What shipping speeds do they offer?
They provide free regular shipping as well as expedited shipping for customers who choose to pay more for faster delivery.
Do they ship internationally?
Yes! They have delivered items to over ten countries, and the consumer is responsible for all associated expenses.
International shipping costs will be computed at the time of purchase. They are grateful for the affection from all across the world.
What episode was Muvez featured on Shark Tank?
They were featured on Episode 18 Season 11.
How much does it costs?
Muvez shoes cost $26 landed. The retail price, on the other hand, is $110, allowing the corporation tremendous profit margins.
Muvez offers directly to clients via their website and e-commerce outlets.
Are Muvez comfortable?
Muvez Shoes are really comfy and enjoyable to wear. When they come home from work, it saves them time. They are crazy with these slipper shoes.
How do they contact Muvez?
They’d be delighted to speak with them about it! For tailored guidance, contact one of their fit consultants at email@example.com.
How do they wash a Muvez?
The Muvez’s outsoles are comprised of water-resistant foam, so washing them is simple. Their slippers may be hand-washed or machine-washed.
Do not put in dryer whatever they do.
Are Muvez machines washable?
Yes, they may be washed in the washing machine.
Where is Muvez located?
Muvez is a New York City-based footwear business founded in 2016 with the goal of reimagining traditional footwear by incorporating modern style, utility, and adaptability.