Muvez is a footwear company that aims to revolutionize the way we wear shoes. Founded by two New Jersey brothers named Cruz, the company has gained attention for its innovative design that allows users to easily slip on and off their shoes, without sacrificing style or comfort.
The idea for Muvez came to the brothers when they realized that the traditional shoe design with laces or straps was outdated and that there had to be a better way to wear shoes. After years of research and development, they created a shoe that could be worn in different ways, from a casual slip-on to a more formal lace-up.
As with many businesses that appear on Shark Tank, the journey for Muvez did not end with the show. The company faced several challenges in the months following its appearance, including manufacturing and supply chain issues, as well as a legal dispute with a former business partner. Despite these obstacles, Muvez continued to grow and innovate, releasing new styles and expanding its product line.
In this article, we will explore the ups and downs of Muvez’s journey after Shark Tank, and examine how the company has adapted and overcome challenges in the highly competitive footwear industry. We will also take a closer look at the company’s current position and future prospects, and what lessons can be learned from Muvez’s experience.
What Is Muvez Shoes?
Muvez is a shoe brand that offers a revolutionary shoe design featuring convertible slippers/athletic shoes with a unique dual sole technology. These shoes are equipped with fully removable and re-attachable lightweight rubber soles that provide an effortless slip-on and-off experience.
With this 2-in-1 shoe design, Muvez claims to offer the best of both worlds, providing comfort for athletic outdoor activities such as running, walking, and jumping, while also being cozy and comfortable enough to wear as slippers indoors. Additionally, the shoes’ removable soles make it easy to switch from outdoor to indoor use, allowing for a seamless transition without the need to take off the entire shoe.
One of the standout features of Muvez shoes is their versatility. The ability to quickly and easily switch between a slip-on shoe and a more secure, laced-up option means that wearers can enjoy the convenience of a slipper while also being able to comfortably run errands or engage in outdoor activities without having to switch footwear.
Muvez Shoes uses high-quality materials such as natural wool, suede leather, and recycled rubber, which are not just durable but also eco-friendly. Additionally, they use high-quality sole construction to provide maximum comfort and support. The shoes are also available in a range of colors to cater to varying tastes.
The company has achieved great success in its short period of operation, with many customers expressing satisfaction with the functional yet stylish footwear. Eric Cruz shares his vision for the company, including creating more versatile footwear for the modern lifestyle and growing a strong online presence. He also intends to explore sustainable and recycled materials and expand their product offerings.
Muvez Shoes Lineup
Muvez Shoes has released several products that embody these values, such as the removable sole loafers and the convertible slipper sneaker.
The removable sole loafers have a detachable sole unit that can be easily removed, leaving you with stylish and comfortable indoor shoes.
The convertible slipper sneaker is designed so that the top of the shoe can easily slip on and off, allowing for easy conversion between a slipper and a running sneaker.
Muvez Shoes offers a variety of footwear types that cater to different needs and preferences. Here are some of the footwear types produced by Muvez Shoes:
- Removable Sole Loafers: These loafers have a detachable sole unit that can be easily removed, leaving you with stylish and comfortable indoor shoes. With this feature, you can easily transition between indoor and outdoor wear without sacrificing comfort;
- Convertible Slipper Sneaker: The convertible slipper sneaker is designed so that the top of the shoe can easily slip on and off, allowing for easy conversion between a slipper and a running sneaker. This makes the shoe versatile and perfect for active individuals who want comfortable footwear that can easily transition between activities;
- Premium Wool Sneaker: The premium wool sneaker is made from natural wool, which is not only durable but also eco-friendly. The shoe features high-quality sole construction that provides maximum comfort and support;
- Suede Leather Loafers: These loafers are made from high-quality suede leather, which is both stylish and durable. They feature a comfortable sole construction that provides ample support for all-day wear;
- Kids’ Shoes: Muvez Shoes also offers a variety of stylish, playful, and comfortable designs for children. These shoes are designed with the same high-quality materials and construction as the adult shoes, making them a great option for parents who want to provide their children with shoes that are both stylish and functional;
About Muvez Shoes’ Founders
Muvez Shoes was founded by Eric Cruz, a young entrepreneur who started the business with the intention of providing high-quality and versatile footwear that can easily transition between indoor and outdoor wear without sacrificing comfort. Cruz is a native of New Jersey, where the company’s headquarters is located.
Before starting Muvez Shoes, Cruz had a variety of entrepreneurial experiences that helped him develop a keen sense of business acumen. He started his first business when he was only 16 years old, buying and selling sneakers online. From there, he went on to start several other successful businesses before finally starting Muvez Shoes.
Cruz’s vision for Muvez Shoes was simple – to create footwear that filled the gap between indoor and outdoor wear. He wanted footwear that could easily transition between the two without sacrificing comfort, style, or functionality. This vision led him to design innovative products such as the removable sole loafers and the convertible slipper sneaker. With the success of Muvez Shoes, Cruz has proven that his vision resonates with many people looking for stylish and comfortable footwear.
Cruz’s entrepreneurial spirit is visible in the way he runs the business. He is constantly thinking about ways to innovate and expand the company’s offerings. This has led to the introduction of new colors and styles, as well as the use of eco-friendly materials such as natural wool and recycled rubber.
Cruz’s success has not gone unnoticed. He was featured in Forbes’ “30 Under 30” list in 2021, which recognized him as one of the most innovative young entrepreneurs in the country. He has also been recognized by various other media outlets for his entrepreneurial skills and vision for Muvez Shoes.
Muvez Shoes Before Shark Tank
Eric and Ryan Cruz, along with their childhood best friend Kevin Zamora, sought to address the inconvenience of the common household rule of “no shoes inside” to prevent tracking dirt into the house. They understood firsthand the annoyance of having to untie and remove shoes before entering the house, then having to lace them back up when making a quick trip outside.
In 2013, the trio conceived the idea of creating comfortable “athleisure” slippers that could be worn outside and had removable and re-attachable soles. However, they faced setbacks that put their idea on hold.
The Pitch Of Muvez Shoes At Shark Tank
With their Muvez shoes on, Eric and Ryan Cruz, along with their best friend Kevin, strode confidently into the tank seeking a $200,000 investment for a 15% stake in their footwear company [3].
Once inside, they handed out samples to the panel of Sharks which consisted of Kevin O’Leary, Robert Herjavec, Mark Cuban, Lori Greiner, and Daymond John. The founders then proceeded to share their financial numbers with the Sharks.
The cost of producing each pair of Muvez shoes is $26, yet they retail for $110, which translates to significant profit margins for the company. Muvez sells its shoes directly to customers through its website and e-commerce channels.
At the time of filming the episode, the company had recorded total sales of $73,000 without spending any money on marketing.
The founder of Fubu, Daymond John, found dual-sole footwear to be a cool concept. Shark Kevin O’Leary, on the other hand, believed that investing in a company operating in a tough market posed a significant risk and chose to back out.
Similarly, Shark Robert Herjavec decided not to invest, stating that branding and marketing the athleisure slippers/shoes would be challenging. Shark Mark Cuban also expressed his admiration for the product’s originality but recognized that marketing it would require significant investment. He wished the three entrepreneurs well and declined to participate in the bidding.
With three Sharks out, only Lori Greiner and Daymond John remained interested. Greiner praised the Muvez founders for their innovative product but was hesitant about the risks involved. She expressed interest in partnering with another Shark if they were willing to take a chance on the deal.
Drawing from his own experience with Fubu, Shark John advised the Muvez founders that they would require assistance with licensing. Despite Greiner’s offer to collaborate, John declined and instead proposed providing the full $200,000 in exchange for a 33.3% stake in the company.
“Daymond would have been a great partner, but he threw me under the bus”, Greiner remarked before withdrawing from the bidding.
Entrepreneur Kevin Zamora countered with an offer of $200,000 for a 25% equity stake.
John accepted Zamora’s offer and agreed to the 25% equity share. He then stood up to shake hands and embrace the trio, officially closing the deal.
Muvez Shoes After The Shark Tank
Muvez saw a significant increase in sales following the airing of its episode on the season 11 finale of Shark Tank in April 2020, as expected. Within just three months of the episode’s airing, the innovative slipper shoe company was able to quadruple its 2019 revenue of $100,000 [4].
This sales boost occurred during the COVID-19 pandemic when many non-essential businesses were closed and Americans were turning to online shopping. The Muvez founders had to personally pack orders to ensure timely delivery. With the surge in sales, Muvez was able to donate to the World Health Organization and gift 500 pairs of First Responder shoes to the Hackensack University Medical Center in New Jersey.
As of August 2020, Muvez had expanded its product line to include the Women’s Muvez line and two additional colorways in the Men’s Original Muvez Slipper. The brand also partnered with athletes, such as Langston Galloway of the Detroit Pistons, and broke into the athleisure scene.
Positive reviews from shoe designer Kickstradomis, shoe reviewer Tom Finds, and influencer Filayyyy helped boost brand awareness. Muvez even made an appearance at New York Fashion Week through designer Chris Lavish. Muvez slippers can still be purchased on the company’s website.
The Net Worth Of Muvez Shoes
Following the airing of the Shark Tank episode, Muvez experienced a surge in sales that allowed them to quadruple their entire 2019 revenue of $100,000 in just the first half of 2020!
With the increasing brand awareness and the company’s ability to address COVID-related concerns, the demand for their indoor/outdoor slipper shoes is definitely on the rise.
During their appearance on Shark Tank, Muvez was valued at $1.3 million. However, Daymond John’s investment of $200,000 for a 25% equity stake in the company lowered their valuation to $800,000 [5].
Although Muvez has not officially disclosed its 2022 net worth, its continuous rise in sales suggests that they are on track to reach its previous valuation.
Alternatives To Muvez Shoes:
- Crocs offers a wide range of comfortable footwear, including slip-on shoes that can be worn indoors and outdoors. Their Classic Clog is a popular choice among customers;
- Birkenstock is known for its comfortable sandals and clogs that can be worn both indoors and outdoors. Their Arizona Soft Footbed Sandals are a popular choice among customers;
- Ugg offers a range of comfortable shoes and slippers that are perfect for wearing indoors. Their Classic Short II Boot is a popular choice among customers;
- Vionic offers a range of supportive and comfortable footwear that can be worn both indoors and outdoors. Their Gemma Mule Slipper is a popular choice among customers;
- TOMS offers a range of comfortable slip-on shoes that can be worn both indoors and outdoors. Their Classic Alpargata Slip-On is a popular choice among customers;
- Hush Puppies offers a range of comfortable and stylish shoes that can be worn both indoors and outdoors. Their Power Walker Sneaker is a popular choice among customers;
- Skechers offers a range of comfortable and supportive shoes that can be worn both indoors and outdoors. Their Equalizer 2.0 Slip-On Sneaker is a popular choice among customers;
- Dualyz shoes are a popular alternative to Muvez Shoes because of their similar design and functionality. These shoes have a removable sole unit that you can easily convert between indoor and outdoor wear. They are also lightweight, flexible and comfortable for all-day use;
- Mahabis is a slipper company that offers a similar convertible slipper design as Muvez Shoes. They are made of natural wool and have a detachable sole unit that makes them versatile for both indoor and outdoor wear. Mahabis slippers are also known for their comfortable and supportive design;
- Allbirds is a sustainable shoe company that specializes in making shoes from eco-friendly materials such as wool, eucalyptus, and sugarcane. They offer a range of styles and types of shoes, including slip-on shoes that are versatile for indoor and outdoor wear;
- Kizik Shoes are a popular alternative for people who want slip-on shoes that are easy to put on and take off. These shoes feature a hands-free design that allows you to easily slip them on and off without bending over or using your hands. They also have a comfortable and supportive sole construction that makes them perfect for all-day wear;
- Rothys is a shoe company that specializes in making shoes from recycled materials, such as plastic water bottles. They offer a variety of styles and colors, including slip-on shoes that are versatile for indoor and outdoor wear. These shoes are also known for their comfortable and eco-friendly design [6];
Overall, there are several alternatives to Muvez Shoes that offer similar features and benefits. Whether you are looking for versatile slip-on shoes, eco-friendly materials, or comfortable support, there is a shoe company out there that can meet your needs.
FAQ:
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Who invested in Muvez Shoes?
Muvez Shoes received a $400,000 investment from Daymond John on the TV show Shark Tank in 2020.
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When did Muvez Shoes go on Shark Tank?
Muvez Shoes appeared on Shark Tank in season 11, episode 16, which aired on March 6, 2020.
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What are Muvez Shoes?
Muvez Shoes are 2-in-1 indoor-outdoor slipper shoes with removable soles, that can be converted into sneakers by adding a lightweight and breathable outsole.
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Do Muvez Shoes run big or small?
According to various customer reviews, Muvez Shoes’ sizes generally run true to size. However, it’s recommended to refer to the size chart on their website for accurate measurements.
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How much are Muvez Shoes?
The prices for Muvez Shoes vary depending on the style and size, with prices ranging from $69.99 to $79.99 on their website at the time of writing.
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What are the reviews of Muvez Shoes?
Muvez Shoes have generally received positive reviews, with many customers praising the comfortable and versatile design, as well as the high-quality materials and construction.
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Can I return or exchange Muvez Shoes?
Yes, Muvez Shoes offers a 30-day return policy for unworn and undamaged items, and exchanges can be made within 60 days of purchase.
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Who invested in Muvez Shoes?
Muvez Shoes received a $400,000 investment from Daymond John on the TV show Shark Tank in 2020.
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Is Muvez Shoes still in business?
Yes, Muvez Shoes is still in business and continues to offer its innovative footwear products.
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What company did Daymond John own?
Daymond John owns several companies, including FUBU and The Shark Group, a brand management firm.
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Who is the largest seller of footwear?
It’s difficult to determine who the largest seller of footwear is as it depends on various factors such as geography, market demand, and product offerings. However, some of the biggest names in the industry include Nike, Adidas, and Skechers.
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What was the most successful item on Shark Tank?
The most successful item on Shark Tank to date is the Scrub Daddy, a cleaning product that has generated over $170 million in sales.
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How much is Lori from Shark Tank worth?
Lori Greiner from Shark Tank is estimated to be worth $150 million, according to Celebrity Net Worth [7].
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When did Muvez Shoes start?
Muvez Shoes was founded in 2019.
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Do Muvez Shoes run big or small?
According to various customer reviews, Muvez Shoes’ sizes generally run true to size. However, it’s recommended to refer to the size chart on their website for accurate measurements.
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When did Muvez Shoes go on Shark Tank?
Muvez Shoes appeared on Shark Tank in season 11, episode 16, which aired on March 6, 2020 [8].
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Who is the poorest shark on Shark Tank?
It’s unclear who the poorest shark in Shark Tank is as their individual net worths are not publicly available. However, it is known that Kevin O’Leary, also known as Mr. Wonderful, is one of the wealthiest sharks on the show.
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Is Shark Tank scripted?
Shark Tank is not scripted, however, some segments may be edited for time or storytelling purposes.
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What country sells the most shoes?
China is currently the largest producer and exporter of shoes, selling over 13 billion pairs of shoes annually, according to Statista [9]. The country leads the global footwear industry and has been the top producer and consumer of shoes for several years. Other major players in the industry include India, Vietnam, and Indonesia, which are also among the largest footwear-producing countries in the world.
While Brazil is not among the top footwear producers, it is the largest exporter of shoes made of leather, and its shoe industry has a focus on high-quality leather products.
Useful Video: Muvez Gets a Deal | Shark Tank US | Shark Tank Global
References:
- https://www.sharktankblog.com/business/muvez
- https://gazettereview.com/muvez-shark-tank-update/
- https://www.pinoymoneytalk.com/muvez-shoes-shark-tank-update/
- https://insidergrowth.com/muvez-net-worth/
- https://www.sharktanksuccess.com/muvez-slippers-review/
- https://2paragraphs.com/2020/06/muvez-what-happened-to-slipper-sneakers-after-200k-daymond-john-shark-tank-deal/
- https://sharktanktales.com/muvez-shark-tank-update/
- https://www.therealitytv.com/muvez-shark-tank/
- https://www.muvez.co/