Ralph Lauren is dropping Ryan Lochte

Ralph Lauren is not renewing its sponsorship contract with Ryan Lochte, CNBC reports.

Lochte admitted on Saturday that he “overexaggerated” a story about being robbed at gunpoint at a gas station in Rio during the Olympics. There were conflicting reports about the incident — with some accusing Lochte and three of his teammates of vandalism.

NOW WATCH: McDonald’s attempt to make Happy Meals seem healthy just backfired

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In

retail retail-us