Digital, Data & AI Digital, Data & AI

Did you know that corporate cash reserves worldwide now exceed $8 trillion, a figure that dwarfs the GDP of most nations? Apple, for instance holds 43% of its total assets in cash and marketable securities- more than its total debt. But is this financial strength or a symptom of strategic inertia?  Across industries, corporations have transitioned from traditional borrowers – raising funds for expansion – to net lenders, injecting excess capital into global financial markets. This represents one of the most significant financial shifts of the 21st century.

When the mastermind behind the world's leading cosmetics company participates in a roundtable on corporate strategy, the insights gained are bound to be invaluable. Jean-Paul Agon was recently invited to the HEC Alumni House for the launch of the 9th edition of Strategor, a reference work addressing all facets of corporate strategy, co-authored by three professors from HEC Paris: Rodolphe Durand, Pierre Dussauge, Laurence Lehmann-Ortega, and João Albino-Pimentel, Professor at the University of South Carolina.
 

The world of 2025 is redrawing the maps of power, influence, and business success. As Trump's return to the White House signals a dramatic shift in the global order, leaders face a sobering reality: we're witnessing the end of the unipolar moment that defined international business for the past three decades. With inflation pushing up across major economies, China acknowledging "challenges of uncertainties," and Europe struggling to find its footing, business leaders confront a fundamental question: Are the mental models that brought success in a rules-based multilateral world still relevant in today's multipolar reality?