How Ryan Lochte Lost His Sponsorship Deals, Following the Rio Robbery Scandal

Not only did Ryan Lochte lose respect, but he also lost major financial partnership following the robbery incident in Rio.

Ralph Lauren, Airweave, Syneron Candela and Speedo dropped their sponsorship with Ryan Lochte due to his scandal at the 2016 Olympics.

ESPN reported that this will cost him and estimated $ 1 million.

Each company released a statement saying they have decided to drop or not renew their contracts with the 31 year old swimmer. Speedo could not condone his behavior and has announced that they will donate the last $50,000 from his contract to Save the Children.

Ralph Lauren took the swimmer off their Olympic endorser page and gave a statement on Monday:

"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."

Syneron Candela, a Gentle Laser Hair Removal system stated that they will be ending it’s partnership with Lochte. A representative said in a statement. "We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand."

Finally, Airweave, a mattress company released a statement on Monday to E! News that they will also be ending their partnership but still support Team USA and the all preparing for the Paralympic games.

Although Lochte has been working with crisis manager Matthew Hiltzik to repair his public image, the president of Bernstein Crisis Management feels it might all be too late. It’s not totally over for Lochte though. Bernstein suggests that Lochte moves forward with complete honesty and humbleness. Here is what he told E! News. "How he deals with this is going to be more important than the effect of the incident himself. If he deals with it humbly, and honestly from this point on, it'll be a dramatic difference than if he continues to be in denial. The public, particularly the American public, is quite quick to forgive when there appears to be true humility and transparency after a mistake has been made."

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