The British designer and The Fashion house have "mutually decided" to end their collaboration and it is understood the spring/summer 2012 collection will reflect the work of the design team.
Speaking about the new range - which will to be paraded at Paris Fashion Week at Salle Wagram - Ungaro's chief executive officer Jeffry M. Aronsson said: "Emanuel Ungaro embodies a very rich and distinct DNA which the company will deliver with a modern spirit."
Last year, it was announced Giles would replace Estrella Archs at the label and he spoke of his excitement of his new role.
He said: "Yes, I'm totally aware and respectful of the pressure but at the same time, I've run my own business for eight years and worked in lots of places.
"I think as soon as you start worrying and thinking about that too much, you're not concentrating on doing good work, which is the most important thing.
"I obviously don't want to infringe upon my own line, but I like things that are very feminine, great prints, great quality, some unusual cuts. All of those things that I like in the world of fashion design I'm going to bring to what I feel is appropriate for the Ungaro woman."