WASHINGTON (dpa-AFX) - Swimwear company Speedo USA and clothing giant Ralph Lauren have announced their decision to end sponsorship of Olympic swimmer Ryan Lochte after the controversial incident at a gas station in Rio during Olympics.
Speedo was the first company to announce the decision to end dealings with Lochte. 'Speedo USA today announces the decision to ends 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,' Speedo USA 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,' the company added.
'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,' a statement from Ralp Lauren read.
Another sponsor, Gentle Hair Removal, has also ended its partnership with Lochte.
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