Muvez Shark Tank Update

Muvez Shark Tank Update

Imagine having a pair of shoes that you can wear both as comfy slippers and conventional outdoor footwear! With such a brilliant and innovative idea, Muvez was created by three aspiring entrepreneurs. To raise the necessary money for their startup, the owners of Muvez went to Shark Tank. So, what happened next?

After their pitch, the owners wanted $200K for a 15% equity. Although the Sharks were impressed, most of them backed off by pointing out the risks in the business policies and marketing. Finally, Daymond John sealed a deal with Muvez with $200K for a 25% equity. Since then, Muvez has been growing fast and achieving new milestones each year.

Read on as we explore the journey of Muvez on Shark Tank and share its most recent updates.

Muvez Shark Tank Profile

To provide an overview of Muvez’s journey in the footwear industry, let’s take a look at the quick overview of the company below:

Company NameMuvez
FoundersEric Cruz, Kevin Zamora, and Ryan Cruz
Founded In2016
ProductTwo-in-one indoor/outdoor footwear
Special FeaturesThe removable sole comes in attractive colors and styles, premium feel and look
Appeared In Shark TankSeason 11, Episode 18
Muvez Shark Tank Episode Aired InApril 3, 2020
Asked For$200K for a 15% equity
Final Deal$200K for a 25% equity
SharkDaymond John
Pre-Sale DataEarned $33,873 from Kickstarter and presales
Business StatusRunning successfully
Location61 Nelson Ave, Jersey City, New Jersey, 07109, United States
Net Worth$3 million
Sales Before Shark Tank$73K in a year
Sales After Shark Tank$100,000 in a year
Available OnMuvez website, Amazon
2023 UpdateSelling products on their website
Watch OnPrime Video

Muvez and Its Owners on Shark Tank

When was Muvez on Shark Tank? Eric Cruz, Kevin Zamora, and Ryan Cruz, the three owners of Muvez, appeared on Shark Tank season 11 episode 18. They pitched Muvez shoes as two-in-one indoor and outdoor shoes with removable soles.

Muvez and Its Owners on Shark Tank

As you can easily take off the shoe soles without even bending, you don’t have to worry about changing your shoes and socks every time you go out. It’s also particularly helpful in places where you need to remove your shoes so that the indoor areas don’t get dirty. 

Muvez owners asked for $200K at 15% equity. In the end, Daymond John made a deal with Muvez with $200K for 25% equity. Here’s what happened after the pitch:

  • All the sharks expressed that the idea was ‘cool’ and ‘unique.’ However, once they learned about the business model, the sharks were hesitant. Muvez had just started its journey, and the return customer rate was below 2%. Besides, the company didn’t have any effective marketing strategies.
  • Most of the sharks were backing off, while Lori Greiner proposed that she would be in only if another Shark agreed to become a partner.
  • Daymond John offered a new deal, but he didn’t want a partnership. Hence, Lori was out, and the negotiation went on.

What Happened to Muvez After Shark Tank?

Thanks to the media attention Muvez received after Shark Tank, the company witnessed excellent growth. Not to mention the uniqueness of their product, which helped it to expand further. Below are some notable updates of Muvez after Shark Tank:

What Happened to Muvez After Shark Tank

Growth In Sales

Similar to most other startups, Muvez’s sales have grown significantly since their appearance on Shark Tank. In the immediate aftermath of the show, the company made $400,000 in sales. It has continued to grow, and Muvez today sells its shoes in over 50 countries.

Attracting Investors and Media Persons

Another great achievement of Muvez is that it has attracted several big investors and media attention after its appearance on Shark Tank. Till now, the company owners raised over $1 million in funding. 

They have been featured in publications such as The New York Times, Forbes, and Entrepreneur. Moreover, many social media influencers, NBA stars, and sports persons have actively supported Muvez, which helped the company to attract more consumers. 

Introducing New Lines

In the beginning, Muvez only produced men’s footwear in a limited number of colors. As of 2023, Muvez has introduced multiple new lines of products, including its sock line. It also offers a women’s line, a line of kids’ shoes, and a line of shoes for nurses and doctors.

Charity and Donations

When its online sales skyrocketed in 2020, Muvez started being involved in a number of charitable initiatives. The company has donated $1 per sale to the World Health Organization during the COVID-19 pandemic. Besides, it has given away over 100 pairs of its shoes to Jersey City, NJ hospital workers.

Muvez Net Worth

During their pitch, Muvez owners asked for $200K at a 15% equity. According to their evaluation, Muvez was valued at $1.3 million. However, with Daymond’s $200K for a 25% deal, the value of Muvez was $800K.

As of 2023, Muvez has a net worth of $3 million. 

Muvez Net Worth

Muvez Sales Data

Unfortunately, not much is known about the sales and earnings of Muvez shoes. Below is the data we’ve collected from the Shark Tank pitch of the owners and various media platforms:

YearSales Data
2018Earned $33,873 from Kickstarter and pre-sales
By the middle of 2019 $73,000 
At the end of 2019 $100,000
2020 $400,000
2021 $800,000 (est.)

Is Muvez Profitable Now?

Yes, Muvez is successfully running its business in 2023 and making profits. In 2019, the production cost of each shoe was around $26, and they were sold at $110 per pair. So, the profit margin was huge, which helped the company to grow bigger.

As of 2023, each shoe is sold at $39.95 to $99.95 only. Judging by the production cost, it’s evident that the company is running on profit.

Is Muvez Profitable Now
Learn about more captivating journeys on Shark Tank with updates on Knife Aid and Trobo. Witness how these entrepreneurs have transformed their appearances on the show into remarkable achievements and innovations.

Final Words

Now that we’ve wrapped up our Muvez Shark Tank update guide, it’s time to recap the key info. Thanks to its uniqueness and the use of technology, Muvez owners sealed a deal with Shark Daymond John. Following its appearance on the show, the company achieved significant growth in sales.

As of 2023, Muvez is estimated at $3 million and has become a known name in the industry. The company now has a diverse product line, strong marketing and branding efforts, and a focus on customer satisfaction. We expect Muvez to continue to grow in the coming years.

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