US Olympic swimmer Ryan Lochte lost his first major endorsement after a false tale of robbery.
Speedo was the first, announcing early Monday it dropped its sponsorship of embattled U.S. swimmer Ryan Lochte. By the end of the day, three other companies also said they would cut ties with him.
The decisions to cut ties with Lochte come after a week-long saga that led to Lochte and three other swimmers to be questioned by Rio authorities after Lochte alleged they were robbed at gunpoint. Ralph Lauren and a laser hair removal company announced they would also sever their respective sponsor relationships with the 32-year-old swimmer.
“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 USA said in a statement.
Ralph Lauren, which outfitted Team USA for the opening and closing ceremonies, told CNBC on Monday that it would not renew its current deal with…