Swimwear maker Speedo and luxury retailer Ralph Lauren Corp ended their sponsorship contracts with Ryan Lochte, days after the U.S. swimmer admitted to exaggerating his story about being robbed at gunpoint in Rio during the Olympics. The incident embarrassed the host city, angered the local police and government and dominated news coverage of South America's first Olympics, leading the U.S. Olympic Committee to issue an apology. “I over-exaggerated what was happening to me.” Within hours of the Games coming to a close, Speedo USA issued a statement saying it would drop Lochte as one of its endorsers, while Ralph Lauren said it would not be renewing its contract with the swimmer.
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Speedo, Ralph Lauren drop Ryan Lochte after Rio incident