March 6, 2025 – Victoria’s Secret is reframing its Diversity, Equity, and Inclusion (DEI) team as “Inclusion and Belonging,” making it the latest company to adjust its DEI policies amid growing political and legal scrutiny. This shift aligns with a broader trend of corporations reevaluating DEI commitments, especially as Donald Trump’s administration intensifies its opposition to such programs.

Corporate America’s Changing DEI Landscape

Victoria’s Secret’s change comes as Apple, Costco, Delta Airlines, Cisco, Deutsche Bank, and Coca-Cola take varying stances on DEI:

Apple rejected a shareholder proposal to ban DEI initiatives but acknowledged that some policies may need adjustments.
Costco remains firm, with 98% of shareholders voting to maintain DEI programs.
Delta Airlines, Cisco, Deutsche Bank, and Coca-Cola all continue to support DEI, citing business value, talent acquisition, and innovation.
NFL Commissioner Roger Goodell reaffirmed the league’s commitment to diversity hiring practices, stating that diversity “makes the NFL better.”

Trump’s Executive Orders Target DEI

Upon returning to office, President Trump signed executive orders eliminating DEI programs across the federal government, military, and federal contractors. These orders:

Ban diversity considerations in hiring within federal agencies.
Abolish DEI offices in the Department of Defense and Homeland Security.
End environmental justice initiatives linked to federal funding.
Discourage corporations from implementing DEI measures.

Additionally, Attorney General Pam Bondi issued a memo directing the Department of Justice to investigate and penalize private companies and universities receiving federal funds for implementing DEI-based hiring preferences.

DEI at the World Economic Forum

At the World Economic Forum in Davos, Trump criticized DEI as a “discriminatory” policy, pledging to transform the U.S. into a “merit-based country.” However, top CEOs defended DEI:

JPMorgan Chase CEO Jamie Dimon emphasized outreach to minority communities.
Nasdaq CEO Adena Friedman said diversity’s importance fluctuates with political cycles.
Vista Equity Partners CEO Robert Smith called diversity a key driver of business success.
Bank of America CEO Brian Moynihan stressed DEI’s commercial value.

The Conservative Push Against DEI

Several conservative figures, including billionaires Bill Ackman and Elon Musk, have led an anti-DEI movement, arguing the policies amount to racial and gender-based discrimination. Meanwhile, Robby Starbuck, a former music video director, has orchestrated social media pressure campaigns to push companies like John Deere, Harley-Davidson, and Lowe’s to scale back DEI commitments.

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The Future of DEI in Corporate America

With growing legal challenges, shareholder pressures, and political opposition, companies are reevaluating their DEI initiatives—some softening their language, others doubling down on their commitments. As the 2024 Supreme Court ruling on affirmative action continues to influence corporate policies, the future of DEI remains uncertain.

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