Ralph Lauren is dropping Ryan Lochte

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Ryan Lochte

Matt Hazlett/Getty Images

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

The move follows a decision by Speedo earlier Monday to end its sponsorship of Lochte.

The Olympic swimmer is losing his endorsement deals after admitting 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.

People have been pressuring Ralph Lauren to drop Lochte following the incident.

"Follow Speedo's lead and drop Lochte or the world [will] drop Ralph Lauren," Facebook user Marc Hardekopf wrote on the company's Facebook wall on Monday.

"Ralph Lauren, Speedo's shown the way. Dump Lochte," wrote user Brian Bloch.

The company removed a photo of Lochte from its Facebook page on Monday and released the following statement:

"Ralph Lauren continues to proudly sponsor the US 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."

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