Syneron Candela, which produces a variety of skincare and hair removal products, also released a statement on Sunday, stating that Lochte’s actions did not live up to the company’s standards.
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Global swimwear brand Speedo USA, clothing giant Ralph Lauren and skincare firm Syneron-Candela dumped the sportsman from their books in statements issued less than three hours apart on Tuesday.
Originally, Lochte claimed that he and fellow Team U.S.A. swimmers James Feigen, Jack Conger, and Gunnar Bentz had been robbed at gunpoint two weeks ago after a night of partying.
Later, the swimmer changed his version and admitted he over-exaggerated the story because he was drunk when the incident took place.
“Ryan Lochte has done absolutely irreparable damage to his reputation and marketability regardless of what the final investigation in Rio reveals about whether he embellished or lied, in addition to his reprehensible personal behavior as an ‘ugly American, ‘” Ray Katz, managing partner of ROI Sports Marketing Group and Columbia University professor, told FoxBusiness.com.
Lochte sponsorship deal with Speedo is reprotedly on its 10th year and is about to expire.
“I want to apologize for my behavior last weekend – for not being more careful and candid in how I described the events of that early morning”, said Lochte on Instagram.
“While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we can not condone behavior that is counter to the values this brand has long stood for”, they said in a statement.
“We appreciate his many achievements and hope he moves forward and learns from this experience”, Speedo USA said of Lochte, who has won a total of 12 medals in Olympic competition during his career, six of them gold.
Ralph Lauren, which has so far sponsored Lochte only for the Rio Olympics, has removed some of the swimmer’s images from its website and said that their deal would not be renewed. “Ralph Lauren continues to sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody”.
Lochte, in turn, expressed in a statement his gratitude to Speedo and said he respected the company’s decision.
“I was immature and I made a stupid mistake”, he said in an interview on the Today show.
The loss of four endorsements is not the only punishment for Lochte as a outcome of his actions.
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Last week, the International Olympic Committee said it will start a disciplinary inquiry into Lochte and other USA swimmers James Feigen, Gunnar Bentz and Jack Conger.
