Speedo was the first company Monday morning to announce it was dropping sponsorship of US swimmer Ryan Lochte. “After careful consideration, we have made the decision to end our partnership with Ryan Lochte”, Airweave USA said in its statement. “After careful consideration, we have made the decision to end our partnership with Ryan Lochte”, the brand said.
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Speedo USA says it will donate part of Lochte’s fee – $50,000 – to Save the Children, earmarked for children in Brazil.
“We appreciate his many achievements and hope he moves forward and learns from this experience”, the company said in a statement.
Ralph Lauren, which provided the Polo-branded attire worn by the USA team at the opening and closing ceremonies, said it would not be renewing the contract that provided Lochte with financial support leading up to Rio.
“Ralph Lauren’s endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games, and the company will not be renewing his contract”, Ryan J. Lally, the vice president of global corporate communications for the company, said in a statement. Brazilian police said that the swimmers actually got in a fight with security guards at a gas station after vandalizing it. He also apologized on Twitter.
Lochte’s sponsors also include mattress maker Airweave and luxury apparel maker Ralph Lauren Corp.
“We hold our employees to high standards, and we expect the same of our business partners”, Syneron-Candela said in a statement.
“That’s why I’m taking full responsibility for it”, he told NBC News in a clip posted online.
Lochte was among four United States swimmers who initially claimed they had been robbed at gunpoint when returning to the Olympic Village, before closed circuit television footage emerged of the men vandalising a petrol station following a night out.
“I respect the athletic performance of Ryan, and as long as he is a respectable athlete, he will remain the USA ambassador for Airweave as long as our partnership remains effect”, he said.
The trio and Lochte are also the subject of an International Olympic Committee investigation into their conduct, which hit the latter in the pocket yesterday. Lochte said that he and fellow swimmers James Feigen, Jack Conger and Gunnar Betz were robbed at gunpoint during the morning of August 14.
Sports management experts told CNBC last week that Lochte damaged his reputation and future endorsement earnings by not being “candid” about what actually happened. Police denounced this version of events, accusing Lochte and the others of lying.
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After winning a gold medal in the 4×200-meter freestyle relay to add to his tally, Lochte’s 12 medals make him the second-most decorated male swimmer of all-time, second only to Michael Phelps.
