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Three entrepreneurs, Ryan Cruz, Eric Cruz, and Kevin Zamora, pitched their convertible footwear company, Muvez, on Shark Tank season 11 episode 18. They sought $200,000 for a 15% equity. Their product combined a slipper with a detachable rubber sole for indoor-outdoor use.
The founders reported $73,000 in direct sales without marketing spend since April 2019. After product demonstration and detailed questioning, Mark Cuban evaluated their market potential. He stated:
"It's hard and you guys already know that. I don't even think it's about the amount of money. It's just going to be a slog. I just don't have an angle where I can just walk in and say this is it. If I don't see that angle that I can take hold of and run with it, then it's just not a deal for me. So for those reasons, I'm out."
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While Cuban declined to invest, Daymond John later offered $200,000 for 25% equity, which the founders accepted.
Muvez failed to win Mark Cuban over on Shark Tank season 11
The Muvez founders thoroughly presented their convertible footwear system to the sharks. Each shoe consisted of two main components, the inner part worked as a comfortable house slipper, while the outer component provided a sturdy rubber sole for outdoor use. Manufacturing costs stood at $8 per outsole, with retail prices ranging from $19.99 to $29.00.
The Shark Tank company’s founders explained their production journey, starting by creating prototypes in their New Jersey garage due to initial manufacturing limitations.
Through persistent networking at footwear trade shows worldwide, they connected with industry veteran Lou Carrega. His 30 years of experience in sneaker manufacturing proved invaluable as he helped them establish relationships with Chinese factories.
The company's market validation started before its Shark Tank appearance. In September 2019, a successful Kickstarter campaign raised $33,873, demonstrating early consumer interest. The team established a strong direct-to-consumer sales model through its website.
Their product line expanded to include multiple color options like black, gray, red, and blue, all featuring white rubber soles. They also created an interchangeable pack priced at $169.99, which included two different colored pairs of slippers and two sets of soles in white and black combinations.
As the pitch progressed, each Shark shared distinct feedback. Mark Cuban stated that successful market entry would require extensive customer education. He identified the main barrier as teaching consumers about this new footwear category. He also stated that the business would face significant scaling obstacles regardless of investment size.
Kevin O'Leary acknowledged the product's smart design but stepped away from investing. Robert Herjavec focused on branding weaknesses before declining as well. Lori Greiner expressed interest and considered joining forces with another Shark. Daymond John showed the most enthusiasm, starting negotiations with a $200,000 offer for 33% equity.
After further discussion, John adjusted his equity request to 25%, which aligned more closely with the founders' expectations.
Post-rejection results
The Shark Tank exposure created significant momentum for Muvez. According to the Shark Tank Blog, sales surged to $400,000 immediately following the episode's broadcast. While the initial agreement with Daymond John showed promise, public records indicate the deal did not close. However, this did not slow the company's growth trajectory.
In 2020, Muvez demonstrated strong social responsibility during the pandemic by initiating a program that donated $1 from each sale to the World Health Organization. They supported healthcare workers by providing over 100 pairs of shoes to Jersey City hospital staff.
The Shark Tank business continued to gain recognition through strategic partnerships and awards. In 2021, they formed a marketing alliance with NBA player Langston Galloway to boost brand visibility. Their business model received significant validation when they secured first place in the 2022 FedEx Small Business Grant Contest.
Shark Tank season 16 episode 9 is set to air on January 24, 2025.
