Many people leave their shoes outside and wear slippers when they come inside. Entrepreneurs Ryan Cruz, Kevin Zamora, and Eric Cruz were tired of this practice, so they invented Muvez, a shoe that turns into a slipper. After a deal with Shark Tank, Muvez was valued at $3 million in 2024.
Founder Background
Ryan and Eric Cruz are brothers from New York. Ryan studied Industrial and Product Design at the New Jersey Institute of Technology, while Eric earned his Master’s degree in Business and Sports Management at Fairleigh Dickinson University.
Kevin Zamora, from Carlstadt, New Jersey, has two associate degrees, one from Miami Dade College and another from Bergen Community College. He also interned at the Walt Disney Company.
The co-founders initially had different career paths but were brought together when Ryan was tasked in college with reinventing a common consumer product.
The inspiration behind Muvez
Eric decided to help his brother with his homework. When the two noticed that their mechanic father’s slippers were badly worn, they came up with the idea of making shoes with removable soles so that they could be transformed from shoes to slippers.
The Cruze brothers purchased materials from a nearby craft store and began making initial versions of their product. Ryan’s professor didn’t like the idea, but they didn’t give up.
They began working with Kevin, who had already helped launch several startups at the time, and the three of them co-founded Muvez in 2017. They launched a crowdfunding campaign on Kickstarter and raised $33,873. A year later, they had reached $70,000 in sales.
Deal with Daymond John
In 2020, the three ambitious entrepreneurs applied to pitch their products on Shark Tank and were accepted. They made it to Shark Tank, offering the Sharks 15% equity in Muvez for $200,000, valuing the company at more than $1.3 million.
The show’s cast admired their expertise in footwear and the trio’s success in growing their business in the early days. However, most of them thought the shoe industry was too competitive.
Lori Greiner saw its potential but was a little hesitant. She proposed a deal with Daymond John, but Daymond wanted to go it alone and offered $200,000 for 33%. The Muvez founder offered $200,000 for 25%, and Daymond accepted. The guys were thrilled because they clearly wanted Daymond to come on board before negotiations began.
Success after Shark Tank
Just three months after its appearance on Shark Tank, Muvez reportedly quadrupled its revenue to $100,000 in 2019. Sales surged as many non-essential businesses were forced to close due to the pandemic.
This led Eric, Ryan and Kevin to pack their own orders, but they eventually found success. In 2020, the company launched a product line for women. In 2022, Muvez’s “New Traveler” program is available for pre-order. To help support customers, the company allows customers to pay in installments through Shop Pay.
They have already started working with several athletes in the NBA, including Langston Galloway and the Detroit Pistons. Currently, the shoes are sold on their website and Amazon. Currently valued at $3 million, the company is heading in the right direction. Muvez failed to obtain a patent for their heel security technology. As a result, they were unable to reach a licensing agreement with a larger footwear brand.
Categories: Shark Tank
Source: svlsf.edu.vn