At least two major brands are severing ties with Ryan Lochte.
CNN reports that, in the midst of the Rio ‘robbery’ scandal, Speedo and Ralph Lauren have dropped their endorsement deals with the Olympic swimmer.
In a statement earlier today, Speedo said that they couldn’t “condone behavior that is counter to the values this brand has long stood for,” adding, “We appreciate his many achievements and hope he moves forward and learns from this experience.”
Meanwhile, Ralph Lauren simply said they wouldn’t be renewing Lochte’s contract now that the Summer Games are over.
The news comes just several days after it was revealed that Lochte and three of his teammates had fabricated a story about being robbed at gunpoint in Rio. It later came out that they reportedly vandalized a gas station, and were held by armed guards until they agreed to pay for the damages.
Lochte (32) has since spoken out several times on the matter and issued a public apology late last week.
He also told Matt Lauer during a recent interview that he takes “full responsibility” for the situation, adding, “I over-exaggerated that story and if I had never done that we wouldn’t be in this mess.”