US Olympic medalist Ryan Lochte is paying dearly for overly “exaggerating” the story about how he got robbed at gunpoint in Rio.
Following a belated apology for his “over-exaggerated” story, the Olympic swimmer lost all four of his major sponsors on Monday. Major sponsors like Speedo USA and Ralph Lauren Corp, cut ties with the 12-time Olympic medalist.
Also, hair removal company Syneron Candela ended its partnership with Lochte. This came after four months of naming him its global brand ambassador for one of its products.
Moreover, Japanese mattress maker Airweave; which promised to stand by the athlete decide on Monday not to renew the endorsement, which had been made for the Rio 2016 Olympic Games.
Ryan Lochte said in an email that he respected Speedo’s decision to cut ties with him.
The rules of endorsement deals and sponsorship allow sponsors to terminate deals if they feel the athlete has behaved poorly in public.
The host city was left embarrassed after Lochte gave his version of the incident as the news dominated the headlines.
Meanwhile, the US Olympic Committee issued an apology on Thursday. Lochte also made the same move on Saturday during an interview with Brazil’s largest broadcaster, Globo TV.
“I wasn’t lying to a certain extent,” he explained. “I over-exaggerated what was happening to me,”
In another interview on Today Show, Lochte admitted that he has had a lot to learn from his “stupid mistake.”
“I was immature and I made a stupid mistake. I’m human. I made a mistake and I definitely learned from this.”
“They (people of Rio) put on a great Games… And my immature, intoxicated behaviour tarnished that a little.”
Aside announcing that it would not renew Lotchte’s Olympic deal, Ralph Lauren had taken down references to the swimmer from its website last week.