While major brands like Amazon, Walmart, and McDonald’s are stepping back from diversity, equity, and inclusion (DEI) initiatives, one beauty company is proudly standing its ground. e.l.f. Beauty, known for its affordable makeup and bold marketing, is making a strong case for why diversity matters in business.

Last year, e.l.f. launched its provocative “So Many Dicks” campaign, pointing out that nearly as many men named Richard, Rick, or Dick sit on corporate boards as women overall. The campaign aimed to spark conversations about representation, and it worked. “We wanted to shine a light on giving others a chance because we’ve seen the benefits in our own business,” said e.l.f. CEO Tarang Amin. The company’s board is over 78% women and 44% people of color—a rarity in corporate America.

Despite DEI becoming a controversial topic, e.l.f. is thriving. The brand has seen 23 straight quarters of sales growth, and its stock has skyrocketed by more than 700% in the past five years. With a workforce that’s 75% women and 40% people of color, e.l.f. credits its success to its diverse team and inclusive marketing, which features transgender and non-binary models.

While some critics argue that DEI efforts are unnecessary or divisive, e.l.f.’s loyal customer base—largely made up of Millennials and Gen Z—strongly supports the brand’s approach. “Diverse voices bring different perspectives, and that’s a huge advantage,” Amin explained. He also noted that companies abandoning DEI risk losing out on top talent and alienating younger consumers.

Other companies, like Costco and Apple, are also defending their DEI programs. Costco recently pushed back against a proposal to drop its diversity goals, arguing that a diverse workforce improves creativity and customer engagement. Similarly, e.l.f. believes its commitment to inclusivity is not just the right thing to do—it’s good for business.

As debates over DEI continue, e.l.f. is proving that standing firm on diversity can pay off. “More people are committed to building inclusive workplaces than those who aren’t,” Amin said. And for e.l.f., that commitment is clearly working.