Speedo and Ralph Lauren Drop Ryan Lochte Sponsorships

Speedo and Ralph Lauren Drop Ryan Lochte SponsorshipsSpeedo USA and Ralph Lauren both announced Monday they will end their sponsorships of Ryan Lochte in light of recent controversy involving the Olympic swimmer embellishing details of an alleged altercation in Rio. In a statement, Speedo said while it has “enjoyed a winning relationship” with the gold medalist, it “cannot condone behavior that is counter to the values this brand has long stood for.” The company also announced it will donate a $50,000 portion of Lochte’s fee to Save the Children, a global charity partner of Speedo’s parent company, Pentland Group. In the press release, Speedo also acknowledged Lochte’s achievements and articulate its hope “he moves forward and learns from this experience.” Ralph Lauren soon followed suit, issuing a statement which said that while the brand would continue to “proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody,” it would “not be renewing [Lochte’s] contract.” Lochte apologized Friday to Rio police after it was discovered he had lied about being robbed at gunpoint by men posing as local law-enforcement officials. In reality, he and several teammates had allegedly vandalized a gas-station bathroom and were confronted by armed security guards.