The group aims to focus its attention on its own brands, but will continue to sell Hugo Boss clothing in its Moss Bros and Cecil Gee stores. The Hugo Boss-branded stores account for one-tenth of Moss Bros stores.
Cash from the sale will go into redeveloping remaining stores.
Brian Brick, chief executive of Moss Bros, said: "This is a transformational deal for Moss Bros and absolutely in line with our recently developed strategy of focusing on growing our own brands.
"There is significant untapped potential in our position as the UK's number one branded-suit specialist, with our unique offering of hire, strength in retail and innovation in new areas such as Moss Bespoke.
"Although we are ever mindful of the fragile trading conditions in the UK, we have a great product offering, a focused business model and, following the disposal, will have the financial flexibility to leverage the attractive niche which we have as the UK's number one branded-suit specialist."
Like-for-like sales for the group rose 7.0% in the 26 weeks to 29 January and by 9.1% for the year-end to 29 January.
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