Ryan Lochte’s Rio Drama Has Cost Him Two of His Biggest Sponsors — So Far
After Ryan Lochte fabricated a story about being held up at gunpoint in Rio during the 2016 Olympics, Speedo USA and Ralph Lauren, two of the swimmer’s biggest sponsors, are terminating their relationships with him.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD
— Speedo USA (@SpeedoUSA) August 22, 2016
The swim apparel company shared a statement on Twitter Monday morning. “Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. As part of this decision, Speedo USA will donate a $50,000 portion of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company, for children in Brazil,” the company said in a statement. “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. We appreciate his many achievements and hope he moves forward and learns from this experience.”
Just hours later, Ralph Lauren told ESPN’s Darren Rovell that they wouldn’t be renewing Lochte’s deal.
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, who appeared in all of Ralph Lauren’s promotional campaigns and media imagery for the Olympics, was noticeably absent from the closing ceremonies, having returned to the U.S. earlier in the week.
While the 12-time Olympic medalist apologized publicly for “not being more careful and candid” on how he described events, repercussions from the embarrassing event are still unfolding. Speedo is the first, but the brand might not be the last of the athlete’s sponsors to cut ties. Bob Williams, CEO of Burns Entertainment & Sports Marketing, a firm specializing in celebrity endorsement deals, tells the Wall Street Journal, “Advertisers have become far less tolerant of controversial behavior of any type, and this is yet another type of controversial behavior that doesn’t reflect well on a brand.” According to ESPN, Lochte has only approximately $1 million worth of deals including Ralph Lauren, Syneron Medical, and Airweave, which has stood by the athlete.
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