Ryan Lochte has lost his Speedos!
For that matter, he’s also lost his Ralph Laurens! And according to Morning Ireland guest, Steve Martin, it’s a million-dollar blunder by the American swimmer.
Okay, you might think of Speedos as the greatest fashion faux pas since socks and sandals. And you know, you wouldn't be alone! In 2008, the much maligned budgie-smugglers actually beat socks and sandals into second place in the male "what not to wear" list, compiled by Debenhams fashion experts.
However, in the world of swimming, Speedo is king. It's the sponsor of choice for some of the top swimmers in the world, including (up until yesterday, anyway) bad boy American swimmer, Ryan Lochte.
Steve Martin is chief executive of global advertising agency M&C Saatchi, and spoke to Gavin Jennings about what the future holds for Lochte, following his ridiculous antics in Rio, after which he was dropped by sponsors Speedo, Ralph Lauren, skin care firm Syneron-Candela and Japanese mattress maker Airweave.
"We are living in a world, from a brand perspective, of transparency now. His story unravelled over two or three days, and brands don't want to be associated with that."
If you haven't heard the story of Ryan Lochte, a 12-time Olympic gold medallist, it's an insight, according to some, into the privileged mind of the idolised American sports superstar.
Following a night out with three teammates, Lochte and friends attempted use the locked toilet facilities of a late-night garage, but couldn't gain access, instead urinating outside. Having been confronted by security guards, they later claimed they had been robbed at gunpoint, a claim easily discounted by the Brazilian police.
And those Brazilian police were not in the slightest bit impressed.
The fallout for the swimmers, most particularly Ryan Lochte, has been swift and comprehensive.
"The commercial deals he had in place were very strong, for us in particular, so it's going to hit him pretty hard."
Steve Martin estimated that the four brands collectively represented a value of up to $1 million for Lochte, who is "a big name" in American sports.
"It was probably much easier for them (the sponsors), rather than if this guy was 24 years old… and was a bit of a rock star of swimming in Olympics."
Lochte is 32 now, coming towards the end of his career and, according to Steve, he would most likely be considering extending that career into, perhaps, a media role, post-Olympics. This will most likely also be hit by the scandal.
He needs to really think about how he can reinvent herself. His apology was a bit half baked. I always believed he should have taken it on the chin, he should have taken the big hit and then had a really clear plan.
So, is this the end, for Lochte? He did, after all, have his own reality show, entitled "What Would Ryan Lochte Do? " (I know… the irony!)
"I don't think it's the end of his actual career, but he needs to do some really deep thinking and he needs some good people around him to advise him on how to handle it."
Various YouTube videos are circulating of interviews with Ryan Lochte. Maybe take a look sometime, and decide for yourself whether you feel the capacity for deep thinking is there. Oh, and definitely check out "What Would Ryan Lochte Do?"
To hear the interview in full, click here