E! News reported that Lochte lost all four of his sponsorship gigs namely Speedo, Great Hair Removal, Ralph Lauren, and Airweave and a source sad that the swimmer is not doing well.
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Global swimwear brand Speedo and USA fashion label Ralph Lauren topped the list of companies that ended their relationships with the 32-year-old Lochte, with the former noting his actions had not reflected the “values” it wished to promote.
In a statement on Monday, swimwear manufacturer Speedo said it made a decision to end its relationship with Lochte as his conduct ran “counter to the values this brand has long stood for”.
Nottingham, UK-based Speedo’s United States unit said on Monday it would donate $50,000 of Lochte’s fee to Save The Children, a global charity partner of Speedo. The company said it was not renewing the current deal it has with Lochte.
Syneron-Candela said: “We hold our employees to high standards, and we expect the same of our business partners”. The company, which designs the outfits worn by USA athletes during the opening and closing ceremonies, said Monday that the endorsement was specifically for the 2016 Olympics, and would not be renewed.
Lochte originally portrayed himself, Jimmy Feigen, Jack Conger and Gunnar Bentz as victims of an armed robbery at a gas station by thieves posing as cops, who he later found out were armed guards.
Lochte has since apologized for his “over-exggerated” version of the story citing language barriers in a foreign country as the cause for misleading account.
On Aug. 17, a Brazilian judge officially issued an order to seize the passports of Lochte and his teammate, James Feigen.
Authorities said that the swimmers had instead drunkenly vandalized a gas station bathroom, paying a security guard about $50 for the damage before leaving.
Spokeswoman Elizabeth Trudeau told reporters that the department had no specific comment about the case, but did say USA citizens are encouraged to comply. Forbes estimated Lochte could lose up to $10 million in endorsements because of the scandal. Regretting the incident, 32-year-old Lochte made a public apology in an interview on Today. Lochte returned to the US last week.
“I don’t know why [I did it]”, Lochte said when Lauer asked him why he felt the need to lie.
At this point, Lochte’s brand is toxic, so it’s hardly a surprise to see brands dropping him.
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Lochte was part of the USA’s gold medal-winning 4×200 metres freestyle relay team for the fourth Olympics in succession, adding to further golds in the 400m individual medley at London 2012 and the 200m backstroke at Beijing 2008.
