Speedo announced Monday that it has dropped the USA swimmer since it “cannot condone behavior that is counter to the values this brand has long stood for”.
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Ralph Lauren said its sponsorship of Lochte was specifically for the Rio Olympic games and said it would not be renewing its contract with him.
USA business magazine Forbes calculated that in the year of the 2012 London Olympics, Lochte earned about $2 million in sponsorships from companies such as Gillette, Nissan, AT&T and Gatorade. The company, which designs the outfits worn by US athletes during the opening and closing ceremonies, said Monday that the endorsement was specifically for the 2016 Olympics, and would not be renewed.
In his interview with NBC, Lochte said he was too intoxicated to remember if he may have broken the restroom door while trying to barge in.
The value of Lochte’s Speedo sponsorship has not been disclosed however.
Authorities said that the swimmers had instead drunkenly vandalised a gas station bathroom, paying a security guard about $US50 for the damage before leaving.
Lochte still has an endorsement deal in place with Japanese mattress company Airweave. “I am proud of the accomplishments that we have achieved together”.
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.
The 12-time Olympic medalist and reality TV star recently admitted that he “over-exaggerated” when he claimed that he and three other USA swimmers were held up at gunpoint after leaving a party early in the morning while the games were on-going.
Bob Williams, chief executive of Burns Entertainment & Sports Marketing, a firm that represents advertisers who hire celebrities for endorsement deals, said last week that the incident could do serious harm to Mr. Lochte’s endorsement potential.
The 12-time Olympic medallist had said he and three team mates were robbed by gunmen early last week, on their way back to the Athletes’ Village from a party. And Syneron Candela, a company that sells hair-removal devices, told Reuters its relationship with the swimmer ended Sunday.
He was the breakout star of the 2012 London Olympics, landing a short-lived reality TV series called “What Would Ryan Lochte Do?” and appeared, as himself, on major TV shows such as “30 Rock” and “90210”.
Ryan Lochte was able to get out of Rio and away from trouble, and the companies that endorse him were able to get away as well.
Similarly, Airweave, a mattress company, said it had “made the decision to end our partnership with Ryan Lochte”, but would continue to support Team USA in the upcoming Paralympic Games.
The story is said to have embarrassed the IOC and the US Olympics Committee (USOC), which has described the behaviour of the sportsmen as “not acceptable”.
In Rio, he swam in two events, winning a gold medal in the 4x200m freestyle relay.
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But Gentle Hair Removal’s parent company, Syneron-Candela, announced Monday that it’s parting ways with Lochte.
