- Company: Muvez
- Product: Convertible indoor-outdoor slippers with removable soles
- Owners: Ryan and Eric Cruz; Kevin Zamora
- Asking Price: $200,000 for 15% equity
- Final Deal: $200,000 for 25% equity
- Shark Who Took the Bait: Daymond John
- Season/Episode: Season 11, Episode 18
Muvez Like Jagger
Ryan, Eric and Kevin are out to revolutionize the shoe game with their innovative footwear brand, Muvez. They’ve come to Shark Tank this season to pitch a 2-in-1 shoe that functions as a comfortable athletic shoe outdoors and a cozy slipper indoors. The shoe features a removable rubber sole and an assortment of sleek, visually appealing designs.
Inspired by New Jersey mob wives who insist that everyone take their shoes off while they’re in the house, Muvez aims to tap into a massive market and make their convertible slipper a household name.
Muvez on Shark Tank: Episode Recap
The trio enters the tank with what can only be described as understated swagger, wearing complimentary blazers and launching right into their pitch without a moment’s hesitation or any visible signs of fear. Eric and Ryan are brothers, but the Muvez team also includes their best friend Kevin. They’re seeking a $200,000 investment in exchange for a 15% stake in their company.
Their product was born as a solution to a common household frustration with shoe rules. Going barefoot or shuffling around in stocking feet is great for keeping household dirt at bay, and you can avoid tracking dirt all over the home. But it gets annoying when you have to put your shoes back on and lace up your boots every time you want to go outside for even just a quick trip to the corner store or to the curb to take out the trash. So to solve this problem in a creative way, they created Muvez shoes with a lightweight rubber sole that is fully removable and re-attachable, that you can take on and off with ease.
Muvez footwear is the only footwear on the market with dual sole technology. The innovative slippers are engineered to grip the foot through a range of standard movements, including walking, running, and jumping.
Running The Numbers
The guys hand out samples to the sharks and discuss the numbers, while Robert and Kevin demonstrate the ease of taking the shoe on and off.
- Cost of production: $26 landed
- Retail price: $110, including shipping
- Sales To Date: $73,000
- Revenue streams: Online, E-commerce (no marketing spend yet)
- Profit margin:
“This is cool as hell,” says Daymond, visibly impressed with the product as he fawns over a pair of Muvez with Kevin in a corner. They have a less than 2% return rate.
But success hasn’t come without setbacks. They traveled to China to visit their first factory, and were told their product was impossible to make after they’d already sunk three or four months of production into it. They ended up buying supplies from a hardware store in New Jersey and making a mold based on Kevin’s foot. It wasn’t glamorous, but it was strong enough as a proof-of-concept to garner early investment.
The team says they’re hoping to position themselves as post-game footwear, with a focus on the athleisure market. The sharks seem to take issue with this assessment, as they’re not sure if the practice of wearing slippers outside is an American-athletes thing, or just a New Jersey thing. Nonetheless, some of the sharks are showing a strong interest in the brand, and the bidding is sure to be interesting.
Kevin is first to go out. “It’s not that the valuation is crazy, it’s that the risk is crazy.” He thinks the market is too tough and doesn’t have enough confidence in the marketability of the product.
Similarly, Robert takes issue not with the product or the design – which he loves – but with the branding. He suspects that branding and marketing are going to prove immensely difficult. Robert is next to duck out.
Mark Cuban chimes in third, saying that while he, too, loves the product and appreciates the originality of their pitch, he knows marketing is going to be a beast. He doesn’t see an angle to push the product without burning mountains of cash, and he wishes them the best.
Lori thinks the product is brilliant, but she’s uncertain and a little afraid of the risk involved. She meets the boys in the middle and says that if they can get another shark to go in on a deal with her, she’ll bite.
Daymond John, as the founder of Fubu, is an expert in this field and knows how hard it can be. “You don’t want to do this yourselves,” he cautions. They’re going to need serious licensing help. He can give them the full $200,000 – but for 1/3 of the company, twice their original offer of 15% equity.
Lori isn’t comfortable making a counter-offer on her own, and given that Daymond just threw her under the bus, Lori bows out.
After a moment’s negotiation, the boys get Daymond to come down from 33% to 25%, and a final deal is reached.
Final Deal: $200,000 for 25% stake in Muvez.
Where Are They Now?
Since this episode aired just a few short months ago, Muvez has graced the pages of Inc Magazine, USA Today, Yahoo, and CNBC. They’ve acquired strategic partnerships with Instagram influencers, athletes and teams including basketball star Langston Galloway, NBA’s Detroit Pistons and Salvador Amezcua (aka Kickstradomis), who boasts nearly half a million followers on Instagram alone.
As expected, Muvez has experienced the coveted Shark Tank Bump – a significant boost in sales that all brands experience after their episode airs, regardless of whether or not they struck a deal. That retail bump has allowed them to expand their product line, with a new women’s line opening in August of 2020. The full Muvez product line currently includes:
- Men’s Original Muvez Slipper – assorted colors ($99.95)
- Muvez Slipper at Unlocked Shark Tank Price – assorted colors – ($79.95)
- Women’s Muvez line – coming August of 2020
The future looks bright for Muvez, and the founders should be proud. They struck the deal of a lifetime with Daymond John, and that deal is already paying serious dividends, earning the otherwise-obscure brand tons of great press and skyrocketing sales.
For now, it would seem, the boys can take their shoes off and stay awhile.
Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Muvez, SharkTank, or any of its subsidiaries.