Announcing it on Monday, they stated they would no longer be “condoning the behavior” that Ryan Lochte presented while in Rio.
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The value of Lochte’s Speedo sponsorship has not been disclosed however.
The 12-time Olympic medalist and reality TV star recently admitted that he “over-exaggerated” when he claimed that he and three other US swimmers were held up at gunpoint after leaving a party early in the morning while the games were on-going.
After first claiming that he and his three team-mates had been robbed by bogus policemen, Lochte back-tracked. The company also announced it will be donating $US50,000 of Lochte’s fee (around $66, 000) to Save the Children, which will direct the money toward youngsters in Brazil.
It was a PR nightmare for the U.S. Olympic committee, and now several of Lochte’s sponsors are cutting ties with the athlete. A Ralph Lauren spokesman on Monday said the company’s agreement with Mr. Lochte was specifically for the Rio Olympics, and that it “will not be renewing his contract”.
Airweave also has chose to end its relationship with Lochte, leaving him with zero endorsement deals.
According to ESPN’s Darren Rovell, the decisions cost Lochte about a million dollars.
He was the breakout star of the 2012 London Olympics, landing a short-lived reality TV series called What Would Ryan Lochte Do? and appearing, as himself, on top shows like 30 Rock and 90210.
“I wasn’t lying to a certain extent”, Lochte said. Swimmer Gunnar Benz said the security guards accosted them after they had urinated behind some bushes and Lochte had ripped an advertising poster from a wall.
Ralph Lauren also issued a statement regarding the decision to end partnership with Lochte.
Ryan Lochte competes in the Men’s 200m Individual Medley semifinal on August 10, in Rio de Janeiro, Brazil.
Lochte has also been dropped by skin care firm, Syneron-Candela and Japanese mattress maker, Airweave.
“Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic team and the values that its athletes embody”, the brand, which was the official outfitter for Team USA, said in a statement to Us Weekly. “I think we ended up in the right place in terms of being able to shine a light on what really happened there”.
In a weird twist to a story that broke last week, Lochte admitted that he may have exaggerated his initial account about being held up in Rio de Janeiro.
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Lochte’s behaviour has been met with disdain in the United States and he has been widely pilloried in the United States media.
