Both companies announced their decisions Monday, one day after the end of the games.
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The 32-year-old American swimmer was dropped from three sponsors Monday as he continues to face the consequences for not being “more careful and candid” when he said he was robbed at gunpoint in Rio after a night of partying. Lochte originally said that the vehicle they were travelling in had been stopped by armed men, who held a gun to his head.
However, their version of events unravelled following the discovery of CCTV footage that showed the swimmers involved in a confrontation with security personnel at the petrol station, where they are alleged to have caused damage, before returning to the athletes’ village with their possessions.
Lochte, in an interview with NBC over the weekend, admitted he “over-exaggerated” some details.
“We can not condone behavior that is counter to the values this brand has long stood for”, Nottingham, UK-based Speedo’s USA unit said in a statement on Monday. “We appreciate his many achievements and hope he moves forward and learns from this experience”.
In addition, Speedo USA said $50,000 that would’ve gone to the 12-time Olympic medalist was being donated to Save The Children to benefit needy youngsters in Brazil.
Lochte responded by saying he respects Speedo’s decision. Lochte appeared in a promotional video for Gentle Hair Removal, in which he said the service “was the best thing that’s ever happened”.
Another major sponsor, luxury retailer Ralph Lauren Corp, also said it would not be renewing its contract with the swimmer.
“We hold our employees to high standards, and we expect the same of our business partners”, the company said. Brazilian authorities say they tried to cover up the fight with the robbery story.
Ralph Lauren said its endorsement agreement with Lochte was specifically for the Rio 2016 Olympic Games.
Sponsorship and endorsement deals typically include “morals clauses” that allow sponsors to terminate deals early if they feel the athlete has behaved poorly in public.
A Brazilian judge ordered the swimmers to remain in Rio de Janeiro, but Lochte had already left the country.
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“I’m taking full responsibility for it”, he told Matt Lauer. Lochte took home a gold medal in the 4×200-meter freestyle relay in Rio.
