The fallout from Ryan Lochte’s story about being robbed at gunpoint in Rio – a tale the Brazilian police said was not true – continued Monday after four companies said they would end business partnerships with the American swimmer.
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Within hours of the Games coming to a close on Sunday night, swimwear maker Speedo USA issued a statement saying it would drop Lochte as one of its endorsers, while luxury retailer Ralph Lauren said it would not be renewing its contract with the swimmer.
Lochte sponsorship deal with Speedo is reprotedly on its 10th year and is about to expire.
Ralph Lauren, Gentle Hair Removal, and Airweave have also announced that they are cutting ties with the 32-year-old swimmer.
Becoming the first major sponsor to cut ties with Lochte due to the incident, Speedo said that it can not condone Lochte’s behavior which is against the values they stood for.
We hold our employees to high standards, and we expect the same of our business partners.
Ralph Lauren and Airweave both stressed that they would continue their support of the US Olympic and Paralympic teams.
In a statement, Speedo USA said: “While we have enjoyed a winning relationship with Ryan for more than 10 years, and he has been a key member of the Speedo family, we can not condone the behavior that is counter to the values this brand has long stood for”. Officials later revealed that the early Saturday-morning incident was quite different: Lochte and some of his teammates vandalized a gas station, urinated on the premises, then paid for the damages when confronted by armed guards.
“We appreciate his many achievements and hope he moves forward and learns from this experience”, Speedo said of Lochte.
Paul Swangard, managing director of the Warsaw Sports Marketing Center at the University of OR, said he wasn’t surprised by the decision since most of Lochte’s marketing value was tied to campaigns prior to the Olympics. “Brands can easily seek out other athletes for the next Olympic cycle”.
Ralph Lauren followed soon after, with the apparel company announcing in a statement that it would be ending its association with Lochte.
In the last of three interviews with NBC that included ever-changing accounts of the incident, Lochte apologized and acknowledged he “over-exaggerated the story”.
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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.
