Speedo Sticks by Michael Phelps

Jean Paul Gaultier, Chanel, Christian Lacroix

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]