"Dear fans...There is no hiding in boxing. It's time for new victories. But not in the ring. 23 years was enough. This would be absolutely impossible without you," the 39-year-old said in a video posted today.

Zavec's announcement comes after he lost to Lara with a technical knock out in the 3rd round of the match in which the Slovenian looked to add the WBA and IBO super welterweight belts to his WBF super welterweight title.

It was the fourth professional loss for "Mr. Sympathicus" from Ptuj in the career that saw 40 fights, with 35 of them ending in wins, including 19 knock-outs.

Zavec will return to his homeland on Saturday, with a welcoming party being prepared in his hometown. He is expected to officially announce his retirement from boxing at a special event, whose date is yet to be determined.