Muvez Shoes Net Worth
As it is customary to remove shoes upon entering another person’s home, this act may prove difficult for those with limited mobility or physical restrictions. Eric and Ryan Cruz came up with Muvez shoes as an answer; featuring dual soles for easy on/off access without bending over. After appearing on Shark Tank in 2010, Muvez shoes have since become a hit footwear brand; currently estimated net worth estimated to exceed $3 Million!
Muvez shoes were first launched in 2016 by Eric and Ryan Cruz of New York City, using Kickstarter to raise the capital necessary to design and operate their business. Both brothers have come from varied academic backgrounds; Eric holds a master’s in business and sports administration while Ryan studied industrial and product design. Both brothers also possess two associate’s degrees from Bergen Community College and Miami Dade College respectively. Once reaching their fundraising goal in mid 2019, Muvez started shipping their first orders out.
After experiencing success with their sales, the team appeared on season 11 of Shark Tank to seek investments for their business. They pitched their concept, explaining that their shoes are convenient yet safe to wear indoors – they then handed each of the sharks a pair of their special footwear; which left all four sharks intrigued with its unique design.
Muvez was looking for $200,000 in exchange for 15% of her company. Kevin O’Leary, Robert Herjavec, Mark Cuban, Lori Greiner and Daymond John were among those interested in investing in Muvez; Daymond offered to partner with Muvez by investing $200,000 for 50% ownership in exchange for 50% equity stake.
Once the deal was announced, both brothers were elated. They felt relieved to have found an ideal partner in Daymond and recognized his expertise in marketing would allow them to expand their brand even further. Their sales increased as their partnership helped reach wider audiences of consumers.
Due to their collaboration with Daymond, the company now provides an array of shoes suitable for every lifestyle. In partnership with various NBA athletes to promote their products and Shop Pay installment payments available to customers; additional partnerships exist between this brand and retailers to further promote them.
Muvez founders continue to strive to build and expand their company. For the future, Muvez plans to introduce a new line of shoes featuring heel security technology they hope to patent; collaborate with more NBA athletes; expand online presence; and work more with NBA athletes than before due to appearance on Shark Tank. Thanks to their hard work and dedication, sales for Muvez have seen dramatic increases since appearing.