×
You will be redirected back to your article in seconds

Ryan Lochte Dropped by Speedo, Ralph Lauren Amid Rio Robbery Scandal

UPDATED: Ryan Lochte has lost three of his biggest sponsors.

Speedo has dropped the U.S. swimmer after he admitted to “over-exaggerating” a story about being robbed at gunpoint during the Rio Olympics.

“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 announced Monday on Twitter. “We appreciate his many achievements and hope he moves forward and learns from this experience.”

The athletic swimwear maker will be donating $50,000 of Lochte’s fee to Save the Children to benefit children in Brazil. Lochte reportedly signed a 10-year deal with Speedo in 2006 that was set to expire this year.

Lochte responded to the Speedo’s pulled endorsement on Monday.

“I respect Speedo’s decision and am grateful for the opportunities that our partnership has afforded me over the years,” he said in a statement. “I am proud of the accomplishments that we have achieved together.”

Ralph Lauren annouced that it’s cutting ties with the 12-time Olympic medalist soon after the Speedo news.

“Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody,” the company said. “Ralph Lauren’s endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract.”

A third sponsor — skincare line Syneron Candela — also ended its relationship with the embattled swimmer. “We hold our employees to high standards, and we expect the same of our business partners,” the company said. “We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand.”

Lochte had initially claimed that he and three teammates — James Feigen, Jack Conger, and Gunnar Bentz — were robbed in a taxi by two men with guns and badges while heading to the Olympic Village on the morning of Aug. 14. But Brazilian police said the swimmers had instead vandalized a gas station bathroom and confronted by armed security guards.

He first apologized for the incident on Friday, saying he was sorry “for not being more careful and candid” when explaining what happened during the alleged robbery, then offered a full mea culpa in an interview with “Today” that aired Saturday night and Monday morning.

“I’m taking full responsibility for it,” he told Matt Lauer. “I over-exaggerated that story. If I’d never done that, we wouldn’t be in this mess. … It was my immature behavior.”

He stopped short, however, of saying that he lied.

Asked point-blank by Lauer if he was robbed, Lochte responded, “I can’t answer that because I don’t know. … I was intoxicated, so all I know is there was gun pointed at us, and we were demanded to give money.”

2016 Olympics: The Biggest Controversies to Come Out of Rio

More Biz

  • National Enquirer - Jeff Bezos

    Hudson Media CEO James Cohen Purchases the National Enquirer

    Hudson Media’s CEO James Cohen announced Thursday that he will purchase the National Enquirer as well as American Media’s other tabloids, the Globe and the National Examiner. With the purchase of the National Enquirer, which Cohen reportedly bought for $100 million, he plans to strengthen their collaborative efforts, documentary shows, weekly podcasts, and theme parks. [...]

  • Amazon

    Amazon Music’s Free Tier Is More Advertising Play Than Spotify Killer, Analysts Say

    When news began to spread last week that Amazon Music’s long-anticipated free streaming tier was imminent, headlines emerged about its threat to Spotify and Apple Music, with some stories saying that Spotify’s stock price dropped in response to the news. But not only was today’s launch of the free tier basically a soft one — [...]

  • Nicki MinajCFDA Vogue Fashion Fund Dinner,

    Nicki Minaj Parts Ways With Longtime Managers (EXCLUSIVE)

    Nicki Minaj has parted ways with Gee Roberson and Cortez Bryant and Blueprint/ Maverick Management, a source close to the situation confirms to Variety. She had worked with the pair for the majority of her career. The source says the decision was mutual and amicable, and there was no specific reason for the split, adding [...]

  • Amazon

    Amazon Music Launches Free Streaming Tier, Through Alexa Only (for Now)

    Amazon Music today basically soft-launched its free streaming tier, in which U.S. customers of its Alexa voice assistant will have access to top Amazon Music playlists and thousands of stations, at no cost. The limited access that the new free service provides — it’s only available through Alexa, and when the listener requests a song, [...]

  • Donald Glover and Adidas Launch Short

    Donald Glover and Adidas Launch Partnership With New Shoes and Short Films (Watch)

    Donald Glover and Adidas Originals today announced Donald Glover Presents, a creative partnership that unveiled a new line of shoes and a series of brief — and very funny — films to accompany them. (Watch them below.) Donald Glover Presents reimagines threeAadidas styles, the Nizza, the Continental 80, and the Lacombe. The shoes feature uneven [...]

  • Kodak Black Arrested at Border on

    Kodak Black Arrested at Border on Gun and Drug Charges

    Rapper Kodak Black and three other people were arrested after they allegedly attempted to cross the U.S.-Canada border with guns and marijuana, officials told NBC News on Thursday. The 21-year-old rapper missed concerts at the House of Blues in Boston on Wednesday night after he was stopped at the Lewiston-Queenston International Bridge near Buffalo hours [...]

More From Our Brands

Access exclusive content