Definition & Meaning of "hang up one's gloves"

What is the origin of the idiom "hang up one's gloves" and when to use it?

The idiom "hang up one's gloves" is believed to have originated in the sport of boxing, where a boxer would hang up their gloves to retire from the sport. It has been in use in English since at least the early 20th century. This phrase is now used to describe a situation where someone retires from a profession or activity, often after a long and successful career.