Muvez Net Worth: What Happened To The Shoes Company After Shark Tank?

Muvez Net Worth: As a consequence of the COVID-19 epidemic, taking off one’s shoes before entering one’s house has developed into more standard practice and has become increasingly important. Don’t you hate it when you have to take your shoes off just to have to go through the hassle of putting them back on when you leave something in the hallway or outside? So, how much money does Muvez have in the bank?

Even if ordinary slippers are permitted, you will inevitably find yourself with a jumbled heap of shoes and slippers by the front entrance at some point. Enter Muvez footwear, a forward-thinking shoe brand that provides you with the ability to switch from your dirty outside shoes to your clean interior slippers in a matter of seconds.

What Is Muvez?

The shoe company Muvez has a new slipper/athletic shoe style. Dual sole technology is used in Muvez shoes, which allows for easy on and off thanks to completely removable and re-attachable light rubber soles.

The dual-purpose footwear is reportedly snug and comfortable for use as indoor slippers as well as for athletic outdoor activities like jogging, walking, and jumping. The best part is that you can just slip the soles off when you need to enter a building instead of taking off your shoes. Put the soles back on if you need to quickly go outdoors to run errands.

Muvez Shoes On Shark Tank

Eric and Ryan Cruz, together with their closest friend Kevin, confidently approached the tank wearing their Muvez shoes in pursuit of a $200,000 investment in exchange for a 15% stake in their footwear company.

The team gave samples to Daymond John, Kevin O’Leary, Robert Herjavec, Mark Cuban, and Lori Greiner on the shark panel. The business owners also provided the sharks with their phone numbers. The landing fee for each pair of Muvez sneakers is $26. However, the $110 selling price affords the company huge profit margins. Muvez conducts direct sales to customers through its website and other online sales channels.

Muvez Net Worth

The company’s total sales at the time the episode was being filmed were $73,000 without spending any money on marketing.

Fubu’s founder Daymond The two-soled shoes were cool, in John’s opinion. Shark However, Kevin O’Leary decided against investing because he thought there was too much risk in such a difficult climate.

Shark Robert Herjavec made the same decision. He asserted that branding and marketing athleisure footwear would be difficult. Shark Mark Cuban agreed, saying that while he too loved the concept and valued its uniqueness, he was also conscious of the fact that promoting the product would be quite expensive. The three businessmen received his best wishes, and he retracted his proposition.

Three Sharks have been eliminated, leaving only Daymond John and Lori Greiner. Greiner told the Muvez designers how much she admired their creation. She was a little leery of the risk, though, so she would only agree to a deal if another Shark did it with her.

Shark John advised the group that, based on his own brand, Fubu, and his own experience, they would need help with licensing. In exchange for a 33.3% ownership stake in the company, he promised to pay the Muvez founders the full $200,000, but Greiner’s proposal to form a partnership was turned down.

“Daymond would have been a tremendous partner, but he threw me under the bus,” Greiner said when she revealed her decision to pull out of the auction.

Entrepreneur Kevin Zamora responded with a counteroffer of $200,000 for 25% of the stock. John agreed and took the 25% equity offer. He stood up and gave the group a handshake and a hug to make the transaction official.

Muvez After Shark Tank

Following the April 2020 airing of the Shark Tank season 11 finale episode that featured Muvez, the company experienced an increase in sales.

In just three months after the program aired, the inventive slipper shoe company Muvez was able to triple its $100,000 in 2019 revenue! The peak of the coronavirus pandemic, when many US non-essential businesses were closed and online shopping was widely used by Americans, coincided with the Shark Tank sales boom. The founders of Muvez had to pack the orders themselves in order to be able to deliver.

Because of the increase in sales, Muvez was able to give to the World Health Organization (WHO). The company also donated 500 pairs of the First Responder footwear to the Hackensack University Medical Center in New Jersey.

Additionally, more consumers are looking for the brand because of worries that the COVID-19 virus could be spread through footwear.

Muvez has expanded its lineup as of August 2020 to include the Women’s Muvez line in addition to two more colorways for the Original Muvez Slipper for men. Muvez slippers are still available on the company website.

In line with its mission, the company joined forces with athletes like Langston Galloway and the Detroit Piston to enter the athleisure market.

The rise in popularity and brand recognition was also aided by reviews from influencer Jesse “Filayyyy” Jones, shoe critic Tom Finds, and shoe designer Salvador Amezcua, aka Kickstradomis. Additionally, Muvez footwear took part in New York Fashion Week through designer Chris Lavish.

Muvez Net Worth

In 2022, Muvez net worth is anticipated to be around $3 million. The increase in sales that followed the airing of the Shark Tank episode allowed the business to triple its entire 2019 income of $100,000 in just the first half of 2020!

Due to growing brand recognition and the ability of the brand to handle COVID precautions, sales for the manufacturer of indoor/outdoor slipper shoes are undoubtedly rising.

Muvez was presented on Shark Tank by its founders with a $1.3 million valuation. Before Daymond John invested $200,000 for a 25% stock position in Muvez, the company was valued at $800,000.

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