What Happened Muvez Slippers After the Shark Tank Pitch?
What is Muvez Slippers?
Muvez is a shoe company that has developed a novel shoe design that allows slippers to be converted into sporting shoes.
Muvez footwear features dual sole technology, which comprises of shoes with completely detachable and reattachable lightweight rubber bottoms that make on-and-off simple.
The two-in-one shoes are supposed to be comfortable for outdoor sports such as running, strolling, and leaping, as well as tight and comfortable inside slippers.
The best part is that you can rapidly remove the soles without taking off your shoes. Then, when you need to go outside errands, you can quickly reattach the soles.
Who is Muvez Slippers’ Founder?
Eric and Ryan Cruz, together with their childhood best friend Kevin Zamora, set out to find a way to circumvent the usual ‘no shoes allowed in the house’ regulation in order to prevent tracking dirt into the house.
They saw how annoying it was to have to unlace your shoes to walk within and then lace them back up every time you ventured outside for a short walk.
They imagined comfortable “athleisure” slippers with detachable and re-attachable soles that could be worn outside.
Due to impediments, their first plan from 2013 was shelved.
Finally, in 2019, the team perfected their footwear design.
Carrega mentored the youngsters and introduced them to Chinese businesses that may be able to assist Muvez in becoming a reality.
They raised $33,873 on Kickstarter in September 2019 to get their first pair of sneakers into the hands of consumers.
The combination of sneaker and slipper is referred to as “3 Ams.” Single pairs are available in black, grey, red, and blue with white rubber soles for $79.99.
A $169.99 interchangeable package contains two pairs of slippers in contrasting colours, as well as two soles: one white and one black. As a result, four unique appearances are possible.
What Happen to Muvez Slippers at the Shark Tank Pitch?
Ryan, Eric, and Kevin made an appearance on Shark Tank season 11 episode 18 in pursuit of $200,000 in exchange for a 15% ownership in their business. This amounts to a valuation of $1.3 million.
While the Sharks appreciate the product, they are all concerned about the quantity of consumer education required.
On the other side, shark Kevin O’Leary determined that the risk of investing in a corporation during a bad market was too large and chose to withdraw.
Robert Herjavec, another shark, also rejected to participate. He anticipated difficulty in branding and marketing the athleisure slippers/shoes.
Shark Mark Cuban concurred, noting that while he appreciated the concept and its distinctiveness, he recognized the expense of promoting it.
He expressed his best wishes to the three businesses and declined to bid in the auction.
Greiner expressed his admiration for Muvez’s founders. She was, however, mindful of the danger and would sign to a deal only in conjunction with another Shark.
Daymond advised the three that they would want assistance with licensing due to his knowledge with his own brand, FUBU.
He declined Greiner’s offer of a partnership and instead gave the Muvez founders the entire $200,000 in return for a 33.3 % stake in the company.
“Daymond would have been an excellent partner, but he threw me under the bus,” Greiner said prior to declining the offer.
Rather than that, entrepreneur Kevin Zamora countered with a $200,000 offer for 25% of the company.
Daymond agreed and accepted the 25% equity offer. To complete the transaction, he came forward and shook and hugged the trio.
What Happened Muvez Slippers After the Shark Tank Pitch?
As of June 2020, the deal with Daymond does not appeared to have been finalized. What is certain is that the shoes have been discontinued.
They’re sold out because they sold out and generated $400,000 in sales following the original airdate.
As of August 2020, Muvez has expanded its product line to include the Women’s Muvez line, as well as two additional colourways of the Men’s Original Muvez Slipper.
On the company’s website, Muvez slippers are still available for purchase.
The firm donated one dollar from each sale to the World Health Organization during the Covid-19 crisis.
Additionally, they donated over 100 pairs of their shoes to Jersey City, New Jersey, medical employees.
As of July 2021, they are open and well stocked.
What is the Net Worth of Muvez Slippers?
Ryan, Eric, and Kevin made an appearance on Shark Tank season 11 episode 18 in pursuit of $200,000 in exchange for a 15% ownership in their business. This amounts to a valuation of $1.3 million.
They accepted Daymond’s offer of $200,000 for 25%, bringing the worth to be $800,000.
Who are the Competitors of Muvez Slippers?
Muvez has no known competitors.
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Muvez Slippers FAQS
Who are the founders?
Ryan Cruz, Eric Cruz, and Kevin Zamora are the entrepreneurs behind Muvez Slippers.
How much money did they raise on Kickstarter?
They raised $33,873 on Kickstarter in September 2019 to get their first pair of sneakers into the hands of consumers.
When did Muvez launch?
Muvez launched in 2019.
How much were they seeking in the Tank?
They were seeking $200,000 in exchange for a 15% ownership in their business. This amounts to a valuation of $1.33 million.
Did they get the deal?
They accepted Daymond’s offer of $200,000 for 25%, bringing the worth to be $800,000.
What happened to Muvez Slippers after the Shark Tank?
As of June 2020, the deal with Daymond does not appear to have been finalized. What is certain is that the shoes have been discontinued.
Is Muvez Slippers still in business?
Yes. As of August 2020, they are open and well stocked.
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.
