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Muvez Net worth: What Happened After Shark Tank?
When entering their homes, many individuals remove their shoes and replace them with slippers instead. After getting fed up with the situation, entrepreneurs Ryan Cruz, Kevin Zamora, and Eric Cruz came up with the idea for Muvez, which are shoes that can be converted into slippers. As of the year 2022, Muvez is now worth $3 million thanks to the transaction that he secured on Shark Tank.
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Muvez Regarding The Original Pioneers
Eric and Ryan Cruz are brothers who were born and raised in New York City. Ryan received his master’s degree in Business and Sports Administration from Fairleigh Dickinson University, while Eric earned his degree in Industrial and Product Design from the New Jersey Institute of Technology.
Kevin Zamora hails from Carlstadt in New Jersey and attended Miami Dade College and Bergen Community College to earn his two associate degrees. Additionally, he has gained experience working as an intern for The Walt Disney Company.
Initially, each of the three co-founders was on a totally separate professional path. On the other hand, they were forced to work together when Ryan was assigned a mission in college to rethink a conventionally available consumer good.
Muvez Creating The Business Organization
Eric made the decision to lend a hand to his brother in completing his homework. After observing how quickly their father’s slippers wore out, the two of them got the idea to design footwear that could transition from a shoe into a slipper by removing the soles. This would allow the footwear to serve dual purposes as both a shoe and a slipper.
The Cruz brothers went to a local craft store and bought the necessary components before beginning the process of casting the first version of their product. However, despite the fact that Ryan’s professor did not support the notion, they continued to pursue it.
They began their collaboration with Kevin, who at this point had already been instrumental in the establishment of other enterprises. In 2017, the three of them established Muvez as a joint venture. They ran a campaign on Kickstarter and collected a total of $33,873 in donations. After one year, their total revenues amounted to $70,000.
Muvez’s Appearance On The Shark Tank
In the year 2020, the three ambitious entrepreneurs were granted permission to present their invention on the show Shark Tank. They made their way into the tank and offered the Sharks $200,000 in exchange for 15% ownership of Muvez, putting the value of the company at almost $1.3 million.
The actors of the show praised not only their specialty footwear but also the way in which the three entrepreneurs expanded the business in its early phases. On the other hand, the majority of them came to the conclusion that the shoe industry is overly competitive.
Lori Greiner recognized its promise but approached it with some reluctance. She suggested that they enter into a partnership, but Daymond John preferred to negotiate on his own and made an offer of $200,000 in exchange for 33% of the business. Daymond agreed to the terms offered by the founders of Muvez, which were $200,000 in exchange for 25% of the company. The boys were ecstatic since it was quite evident that they desired Daymond to join them prior to the pitch.
Muvez After Shark Tank
It is said that Muvez was able to quadruple its 2019 sales of $100,000 just three months after the episode of Shark Tank featuring the company aired. The pandemic resulted in the closure of many companies that were not important to the community, which led to a significant increase in sales.
As a result, Eric, Ryan, and Kevin had to pack the orders by themselves; yet, things turned out well for them in the end despite this setback. A line of products geared toward female consumers was introduced by the company in the year 2020. The ‘New Traveler’ show created by Muvez will be made available for pre-order in 2022. Shop Pay is a payment option that the company offers to its consumers so that they can ease the financial burden of making large purchases.
They have recently begun working in collaboration with a number of sportsmen competing in the NBA, such as Langston Galloway and the Detroit Pistons. At the moment, the footwear may be purchased on their own website as well as on Amazon.
Muvez Net Worth
The company is moving on the right path with a value of three million dollars at the present time. The heel security technology developed by Muvez did not succeed in getting patented. As a direct consequence of this, they were unable to pursue licensing partnerships with more established shoe brands.