Ryan Lochte’s “over-exaggeration” of the events surrounding an incident at a Rio de Janeiro gas station during the Olympics now will impact his wallet, too.
Speedo USA announced Monday on Twitter that it is ending its sponsorship of the 12-time Olympic medalist. In addition to ending the endorsement deal, Speedo also will donate $50,000 of Lochte’s fee to help children in Brazil.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD
— Speedo USA (@SpeedoUSA) August 22, 2016
Lochte’s relationship with Ralph Lauren also will end, according to ESPN’s Darren Rovell.
BREAKING: Ralph Lauren official says company will not be renewing Ryan Lochte's contract. Lost Speedo deal this morning.
— Darren Rovell (@darrenrovell) August 22, 2016
Lochte made his money on Ralph Lauren. Deal was up through the Games.
— Darren Rovell (@darrenrovell) August 22, 2016
Lochte’s name has been all over the news since last Sunday when he first claimed that he and three other USA swimmers were victims of an armed robbery. However, new information released by two of the swimmers and the police painted a very different picture of the incident, which has cast doubts on Lochte.
Lochte still has endorsements with Airweave and Gentle Hair Removal, according to Rovell.
UPDATE (2:55 p.m. ET): Syneron-Candela, the parent company of Gentle Hair Removal, also announced that it is cutting ties with Lochte.
“Syneron-Candela will be ending its partnership with Ryan Lochte,” the statement read. “We hold our employees to high standards, and we expect the same of our business partners. We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand.”
UPDATE (4:40 p.m. ET): And then there were zero. Airweave also has decided to end its relationship with Lochte, leaving him with no endorsement deals.
New: @airweaveUSA now says it has ended its relationship with Lochte. pic.twitter.com/SSEkXQP8JX
— Ben Fischer (@BenFischerSBJ) August 22, 2016
It has been a bad Monday for Lochte.
Industry sources tell me Lochte lost about $1 million in current endorsement deals today.
— Darren Rovell (@darrenrovell) August 22, 2016
Thumbnail photo via Rob Schumacher/USA TODAY Sports Images
