Ryan Lochte Losing Millions In Sponsors Following Rio Scandal — First Ralph Lauren, Now Speedo

Ryan Lochte Losing Millions In Sponsors Following Rio Scandal — First Ralph Lauren, Now Speedo [Photo by Matt Hazlett/Getty Images]

Ryan Lochte’s nightmare in Rio is getting worse.

The Olympian faced criticism for lying about being robbed at gunpoint last week, and now multiple sponsors are starting to cut ties.

Is Lochte’s future in swimming in jeopardy?

According to USA Today, Speedo announced early Monday morning that it would no longer sponsor Lochte. Shortly after the announcement, three other sponsors also stopped supporting him.

This includes Ralph Lauren and a company specializing in laser hair removal.

The companies decided to drop their support following Lochte’s scandal in Rio. Lochte claimed that he and three other swimmers were robbed. However, after a short police investigation, authorities concluded that Lochte fabricated the entire story.

“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 the behavior that is counter to the values this brand has long stood for,” Speedo shared.

Ryan Lochte apologized to the people of Rio
Ralph Lauren provided the attire for Team USA during Rio’s opening and closing ceremonies. Lochte modeled for the company and even appeared on their website for Team USA outfits.

The head company of Gentle Hair Removal, Syneron-Candela, also let Lochte go because of the scandal.

“We hold our employees to high standards, and we expect the same of our business partners,” Syneron-Candela explained. “We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand.”

Even Airweave, a mattress company, dropped Lochte from their payroll.

According to CNBC, Ryan Lochte’s sponsors cut ties with him shortly after his non-apology.

Lochte admitted that he embellished on some of the details of the robbery but refused to admit that he lied about the entire incident.

“I wasn’t lying to a certain extent,” Lochte stated. “I over-exaggerated what was happening to me.”

Authorities in Rio claim that Lochte made up the story to cover his actions at a gas station earlier that evening. Police believe the swimmer vandalized the place and got into an altercation with a local.

Ryan Lochte Michael Phelps Rio
Following the departure of his biggest sponsors, Lochte released another statement regarding his actions in Rio.

“I was immature and I made a stupid mistake. I’m human. I made a mistake and I definitely learned from this,” Lochte shared in an interview on Today. “They [the people of Rio] put on a great Games… And my immature, intoxicated behavior tarnished that a little.”

Lochte took home one gold medal during the Rio Olympics. He has 12 Olympic medals overall and even appeared in his own reality TV show, What Would Ryan Lochte Do?.

According to CNN, Ralph Lauren has already started to remove photos of Lochte online.

However, Lochte is still featured heavily on Gentle Hair Removal’s website.

Lochte has been at the top of the company’s advertising campaign since last spring. He was even featured in one of their videos, telling customers that laser hair removal “was the best thing that’s ever happened. I don’t have to worry about shaving anymore.”

As far as Speedo is concerned, the company pledged $50,000 of Lochte’s sponsorship money to help Brazil’s Save the Children organization.

Will this scandal completely tarnish Lochte's career? [Photo by Harry How/Getty Images]
Macy’s was also rumored to have dropped Lochte from their payroll after the company removed him from store advertisements. However, Macy’s has since revealed that the move had nothing to do with Lochte’s actions in Rio.

“As scheduled, we are transitioning out all Olympic visual as the games ended yesterday, and we are moving into our fall fashion message,” Macy’s explained.

For now, it isn’t clear how Lochte’s future in swimming will be impacted by the loss of four major sponsors.

Tell us! What did you think of Ryan Lochte’s non-apology for his behavior in Rio? Watch the clip below and let us know what you think in the comments.

[Photo by Matt Hazlett/Getty Images]