Speedo and Ralph Lauren are the first brands to cut ties with Lochte.
Ryan Lochte has lost all of his endorsement deals in the wake of his fake robbery scandal from the Rio Olympics.
“We cannot condone behavior that is counter to the values this brand has long stood for,” Speedo said in a statement, adding that it hopes Lochte “learns from this experience.”
Lochte was forced to apologize this weekend for fabricating a story about being robbed at gunpoint in Rio. Lochte’s account was disproved by Rio police and security footage of him and his teammates at a gas station. The owner of the station said Lochte and three teammates vandalized the store and urinated on it.
Gunnar Bentz and Jack Conger were pulled off their flight back to the United States and briefly detained. James Feigen was also ordered to remain in Brazil.
Lochte’s endorsements reportedly totaled $2.3 million in 2012. MONEY estimated that he will lose millions of dollars in endorsements as a result of the scandal.
Speedo said it will donate a $50,000 portion of Lochte’s endorsement fee to Save The Children in Brazil.