Speedo drops sponsorship of Ryan Lochte

Four sponsors said Monday that they are ending or not renewing their relationships with embattled US swimmer Ryan Lochte, after he admitted to “over-exaggerating” a story about being held up at gunpoint in the Rio de Janeiro.

Speedo were the first company to end a relationship with Lochte, announcing the decision in a statement on Monday.

After a week of intense global media attention and anger in Brazil, the financial repercussions were swift for Lochte as Speedo USA, the luxury retailer Ralph Lauren and the mattress company Airweave all announced that they would part ways with the 12-time Olympic medalist.

“We can not condone behaviour that is counter to the values this brand has long stood for”, Nottingham, UK-based Speedo’s U.S. unit said in a statement on Monday.

Ralph Lauren and Airweave both stressed that they would continue their support of the US Olympic and Paralympic teams.

Ralph Lauren and Airweave said their endorsement agreements with Lochte was for the Rio 2016 Olympic Games.

Gentle Hair Removal, a skincare brand for parent company Syneron-Candela, also ditched the swimmer saying in a statement that they hold, “employees to high standards”, and expect the same from business partners. On August 14, Lochte and three other USA swimmers destroyed a sign at a gas station. “I am grateful for the opportunities that our partnership has afforded me over the years”, he said in a statement to People, showing is rarely seen mature side.

While other sponsors have removed pictures of Lochte from their websites and campaigns, Gentle Hair Removal left images of the Lotche on their website, as he had been the face of their ads.

Ralph Lauren told CNBC on Monday that it would not renew its current deal with Lochte. “If I had not done that, none of this would’ve happened”. “If I had never done that, we wouldn’t be in this mess”. However, Brazilian police were suspicious of his story, and security camera footage soon emerged that showed Lochte had in fact caused damage at the gas station before handing over money to security guards for the trouble caused.

According to ESPN’s Darren Rovell, the decisions cost Lochte about a million dollars.

“Syneron-Candela will be ending its partnership with Ryan Lochte”, the statement read.

Then on Saturday, the 12-time Olympic medallist apologised during in an interview with Brazilian broadcaster, Globo TV.

The trio and Lochte are also the subject of an International Olympic Committee investigation into their conduct, which hit the latter in the pocket yesterday.