SPEEDO, RALPH LAUREN DROP RYAN LOCHTE
Ryan Lochte may have finally come clean about "over-exaggerating" his Rio robbery story but that's not enough to save his sponsorships. For Speedo, Ralph Lauren and two other major sponsors it's too little, too late. Ryan's "immature" behavior has resulted in 4 sponsors dropping the swimmer. While the International Olympic Committee is currently reviewing whether Ryan Lochte and his teammates will face punishments, his sponsors have already issued their statements.
Ralph Lauren, which signed Lochte to an endorsement specifically for the 2016 Olympic Games, said that it will not renew it's contract. "Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody," the statement read. " The company has removed an image of the swimmer in the brand off it's twitter page.
Speedo, on the other hand, had a longstanding 10-year, relationship with Lochte. "While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for," the company said in a statement. "We appreciate his many achievements and hope he moves forward and learns from this experience." Speedo plans to donate $50,000 of Lochte's endorsement fee to Save The Children, earmarked for Brazilian children.
Lochte has since responded to Speedo's statement telling E! News, "I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years, I am proud of the accomplishments that we have achieved together."
Ralph Lauren and Speedo are not the only brands that are trying to distance themselves from Lochte. Rumors were swirling that Macy's also planned to pull it's sponsorship. The retailer released a statement that it pulled Lochte's advertisements due to the upcoming fall season. Gental Hair Removal parent company Syneron Candela and Airweave mattress company both parted ways with Lochte.