Shortly after Speedo announced that it would be terminating its sponsorship of Ryan Lochte, Ralph Lauren followed suit and announced they too were ending their relationship with the Olympic swimmer. Lochte released a statement last week apologizing for what he had done and in a recent interview admitted that he “overexagerrated” a story about being robbed at gunpoint in Rio. Ralph Lauren released the following statement.
“Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody. Ralph Lauren’s endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract.”