Swimsuit company, Speedo USA, and clothing maker, Ralph Lauren, both announced Monday that they would no longer be working with Lochte.
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The 12-time Olympic medalist and reality TV star recently admitted that he “over-exaggerated” when he claimed that he and three other USA swimmers were held up at gunpoint after leaving a party early in the morning while the games were on-going.
Lochte said he regretted how the incident had tarnished Rio and the last week of the Olympics.
Speedo said: “We can not condone behaviour that is counter to the values this brand has long stood for”.
Speedo’s deal with Lochte was due to expire in 2016 anyway but it is believed he has around $1m in sponsorship deals left in play.
Swimwear maker Speedo USA said on Monday it had made a decision to end its sponsorship of Ryan Lochte, becoming the first company to officially terminate its endorsement of the US swimmer.
Ralph Lauren said their sponsorship was only for the duration of the Olympics and would not be continuing. But the swimmer admits his behaviour shamed the country.
But that version quickly unravelled when police said the swimmers, who had attended a late-night party, never reported the incident to authorities and there was scant evidence of a robbery.
Feigen is now donating around $11,000 to a charity in order to make up for the situation.
Ryan Lochte was able to get out of Rio and away from trouble, and the companies that endorse him were able to get away as well.
Lochte and the others then vandalized the area near the bathroom and, according to the manager, urinated on the walls. Swimsuit U.S.A. brand, Speedo, ended up its relationships with the swimmer and stated Lochte’s actions in Rio can not be accepted in the ethical and moral framework of the company. He also gave an interview to Brazil’s main broadcaster Globo on Saturday to apologize for his actions.
In his most recent interview with NBC, which was taped in NY and began airing this past weekend, Lochte said he “very intoxicated” and takes “full responsibility” for his actions.
Ryan Lochte’s pitstop at an all-night garage in Rio to spend a penny has cost the victor of 12 Olympic medals considerably more after he was dropped by four of his sponsors. Lochte also starred in a short-lived reality television show after the 2012 Olympics.
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His only silverware this year was the gold medal he won with Michael Phelps, Townley Haas and Conor Dwyer in the 4×200m freestyle relay.
