While major companies like Amazon, Meta, and Walmart are stepping back from diversity, equity, and inclusion (DEI) programs, one beauty brand is holding its ground. e.l.f. Beauty, known for its affordable cosmetics, is proudly championing its DEI efforts and inclusive marketing campaigns, like its bold “So Many Dicks” ad.

The campaign, launched last year, pointed out a striking fact: nearly as many men named Richard, Rick, or Dick sit on public company boards as there are women in total. “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, making it one of the most diverse in the U.S.

At a time when DEI initiatives are under fire, e.l.f. is making a strong case for their value. The brand’s commitment to diversity has paid off, with 23 straight quarters of sales growth and a stock price that’s soared over 700% in five years.

But not everyone is on board. Some critics argue that makeup brands should stay out of social issues. Yet, e.l.f.’s loyal fanbase—largely made up of younger, diverse consumers—has embraced the brand’s stance. Comments like “I have never loved e.l.f. more in my life!” flooded social media after the campaign.

e.l.f. doesn’t have a dedicated DEI team, but its workforce reflects its values. About 75% of its employees are women, and 40% are people of color. The brand also features transgender and non-binary models in its ads, further cementing its inclusive image.

While some companies are buckling under pressure from anti-DEI activists, e.l.f. isn’t worried. “Our community is highly vocal and loyal,” Amin said. “It would be a mistake for anyone to target us.”

Other brands, like Costco and Apple, are also standing by their DEI efforts. Costco recently defended its diversity goals, saying they help attract talent and improve customer experiences.

For e.l.f., the message is clear: diversity isn’t just good ethics—it’s good business. As Amin put it, “More people are committed to having diverse, inclusive workforces than those who aren’t.” And with results like theirs, it’s hard to argue otherwise.