Speedo Sticks by Michael Phelps

Jean Paul Gaultier, Chanel, Christian Lacroix Photo: Getty Images

Speedo will not join Kellogg's in backing out of its endorsement deal with Michael Phelps. Though he admitted to smoking weed, Speedo seems to realize his eight gold-medal wins are collectively a bigger deal. “Speedo would like to make it clear that it does not condone such behavior, and we know that Michael truly regrets his actions,” the company said in a statement. “Michael Phelps is a valued member of the Speedo team and a great champion. We will do all that we can to support him and his family.” [WWD]