In addition to this, Speedo announced that it would donate $50,000 of Lochte’s fee to the Save the Children charity in Brazil.
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Speedo, which has has a sponsorship deal with Lochte for “over a decade”, said in its statement that it “appreciates his many achievements and hope he moves forward and learns from this experience”.
Speedo was the first company Monday morning to announce it was dropping sponsorship of US swimmer Ryan Lochte.
Ralph Lauren signed Lochte to a deal specifically for the 2016 Olympics.
The value of Lochte’s Speedo sponsorship has not been disclosed however.
“In this day and age, there’s one pretty important rule that anybody in the public eye should think about: Don’t lie”, said Joe Favorito, a sports marketing expert and professor at Columbia, on Friday. And Syneron Candela, a company that sells hair-removal devices, told Reuters its relationship with the swimmer ended Sunday.
Lochte and three team-mates had in fact damaged a petrol station’s toilet door after lying that they were robbed at gunpoint.
“Lochte’s shelf life was already limited as an endorser”, Dorfman said of this week’s controversy.
Earlier in the day, a representative for mattress maker Airweave told The Hollywood Reporter by phone that the company was “evaluating the situation” at its headquarters in Japan.
Disgraced American swimmer Ryan Lochte is hoping to rebuild his image by appearing on United States television show Dancing With the Stars, according to reports.
The company is a U.S. Olympic Committee partner and is an official sponsor of the 2020 Tokyo Olympics.
Lochte, in turn, expressed in a statement his gratitude to Speedo and said he respected the company’s decision.
Ralph Lauren, Syneron Medical Ltd. and mattress supplier Airweave also cut ties with the 12-time Olympic medalist. “They did everything. And my immature, intoxicated behavior tarnished that a little”.
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Lochte claimed he and three of his teammates – all of them gold medal winners in Rio – were mugged by robbers pretending to be police after a night out, but the story was quickly discredited by other witness testimony and surveillance video. The U.S. Olympic Committee and U.S.A Swimming have affirmed the 32-year old swimmer will face disciplinary actions.
