'We have always worked with complicated movements.'

The company is fiercely proud of its independence, and the fact that it is the oldest watch manufacturer that is still in the hands of its founding family.

'We like to say that we are the defenders of watchmaking art,' Mr Sickenberg said.

'Even today, we base our designs on three fundamental values: tradition, excellence and innovation. This allows us to keep a link with our history while also looking towards the future. It's quite a broad approach, but still there are no compromises.'

For more than 30 years, there is one watch whose name has become synonymous with Audemars Piguet as a brand: the Royal Oak.

Launched in 1972, this distinctive octagonal watch has become a perennial favourite in the watch industry. 'The Royal Oak is the definitive reference in its category,' Mr Sickenberg said.

'It's a classic collection, but 'classic' is not exactly the right word.'

The word 'classic' suggested something that was fixed in the past, he said, but the Royal Oak was changing to keep up with the times. This year, Audemars Piguet has given its premiere timepiece a makeover with a new automatic movement.

Retaining the most recognisable features of the Royal Oak design, the new self-winding watch refines the look with improved readability. Cleaner, leaner and effortlessly stylish, the new references reinvent the famous watch for a new generation.

Audemars Piguet is co-sponsor of Team Alinghi, the Swiss yacht which won the 2003 America's Cup. Commemorating that achievement and looking forward to the next race in 2007, the brand has launched a special chronograph: the Royal Oak Offshore Alinghi Polaris.

The key complication on the watch is its special countdown function, which has been designed to follow the complex and very precise starting procedure of the America's Cup race.

This involves three gunshots fired at different intervals during the closing minutes before the race starts: one at 11 minutes, one at 10 and another at five.

For the countdown, the watch features a special minute hand that makes one turn of the dial in 10 minutes. A red band on the dial just before the 12 o'clock position warns wearers when they have entered the critical final minute, when the two boats need to strategically position against each other without actually crossing the line.

The watch is a limited edition of 2,000 pieces.

For female sailing fans, the brand has created a special ladies' limited edition, the Royal Oak Lady Alinghi. Similar to the ladies' Alinghi watches released in 2002 and 2003, this is a smaller quartz watch with the familiar octagonal Royal Oak bolted-down bezel.

The case is made of satin-brushed steel, and the watch is attached to a broad strap of matt-white crocodile leather.

Sailing is not the only sport that interests Audemars Piguet - the brand also has a hand in motor sports and has a partnership with car manufacturer Maserati. Celebrating Maserati's 90th anniversary, Audemars Piguet is releasing a limited- edition watch, the Dual Time Millenary Maserati.

It is a variation on the brand's Millenary collection. The sides of the case have been straightened to give it a more solid feel - apparently inspired by the Colosseum in Rome.

A huge power reserve indicator takes up the whole left-hand side of the dial, set on a separate plate and distorting the shape of the other displays. The other sub dials are also set at different levels and at different angles, making the watch face one of the watch's most unusual features.

The anniversary watch is being made in steel (900 pieces), 18-carat pink gold (450 pieces) and platinum (90 pieces).

Beyond associating itself with specific sports, Audemars Piguet also keeps a high profile by signing brand ambassadors. Golf stars Nick Faldo and Julien Clement have put their weight behind its watches in the west.

In Asia, meanwhile, high-kicking actress Michelle Yeoh lends her face to promote the brand in Hong Kong and China. The star of Heroic Trio and Crouching Tiger, Hidden Dragon even put in an appearance at the watch fair.

'The Asian market has always been very strong,' Mr Sickenberg said. Although the watch industry had had a tough time during the Asian recession, the region, and Hong Kong in particular, had recovered quickly.

'For us today, Hong Kong equals Hong Kong and China. It's really the biggest market for us.'

The Asian market accounts for 40 per cent of the brand's turnover, but Mr Sickenberg said Audemars Piguet would not follow the lead of other makers by producing products tailored specifically for China or Asia.

'The challenge is to find products which are suitable for all markets, products you can sell worldwide and that appeal to all customers,' he said. 'This is quite difficult as tastes vary a lot in terms of size and colour according to local demands.'