Swimmer Ryan Lochte loses major sponsors Speedo and Ralph Lauren

Disgraced US Olympic swimmer Ryan Lochte’s fall from grace continues apace.

Having been forced to apologise for an “exaggerated” story about being robbed at gunpoint at the Rio Games, he has now lost his major sponsors, including Speedo USA and Ralph Lauren.

Lochte’s version of the incident embarrassed the host city and angered local officials and further revelations — casting doubt on Lochte’s story — dominated news coverage of South America’s first Olympics.

The US Olympic Committee issued an apology last Thursday, and Lochte, a 12-time Olympic medalist, made his own apology last Saturday in an interview with Brazil’s largest broadcaster, Globo TV.

“I wasn’t lying to a certain extent,” he said. “I over-exaggerated what was happening to me.”

Within hours of the Games coming to a close on Sunday night, swimwear maker Speedo USA issued a statement saying it would drop Lochte as one of its endorsers, while luxury retailer Ralph Lauren said it would not be renewing its contract with the swimmer.

Hair removal company Syneron Candela also ended its partnership with Lochte, four months after naming him its global brand ambassador for one of its products.

Japanese mattress maker Airweave, which last week had said it would stand by Lochte, earlier this week said it had decided it would not renew the endorsement, which had been made for the Rio 2016 Olympic games.

The swimmer’s sponsorship deals were said to be worth €1m a year.

Sponsorship and endorsement deals typically include “morals clauses” that allow sponsors to terminate deals early if they feel the athlete has behaved poorly in public.

Speedo’s US unit said it would donate $50,000 of Lochte’s fee to Save The Children, a global charity partner of Speedo.

Lochte said in an email that he respected Speedo’s decision.

Lochte, 32, won one gold medal at the Rio Olympics. He was the breakout star of the 2012 London Olympics, landing a short-lived reality TV series called What Would Ryan Lochte Do? and appearing as himself on US shows such as 30 Rock and 90210.