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Sir Philip Green's Arcadia retail empire is facing a violent reaction after learning that he had used an injunction to prevent the media from publishing allegations of sexism and harassment against him.
The hashtag #pinknotgreen is in fashion on Twitter. People are calling on consumers to boycott Topshop and other Arcadia brands.
Lord Peter Hain appointed Sir Philip among the lords after the Daily Telegraph was prevented from identifying him.
Sir Philip firmly denies the claims.
In a statement on Thursday, Sir Philip said: "To the extent that it is suggested that I am guilty of illegal sexual or racist behavior, I categorically and completely deny these allegations".
#Pinknotgreen was created by Scarlett Curtis, who was prevented from promoting her book at a Topshop store in London earlier this month.
The fashion retailer had agreed to hold a pop-up with Penguin to help publish the book Feminists Do not Wear a Rose (and Other Lies).
But he dismantled the in-store display after just 20 minutes, with "creative" concerns and anger on social media.
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Penguin Random House
Topshop aroused anger after dismantling a pop-up to promote a feminist book earlier in October
Mrs. Curtis has now spoken about this week's allegations against Sir Philip and his message has become viral.
His tweet drew hundreds of messages supporting women and men, some calling for a boycott of Arcadia stores.
Others said the allegations put the accent on the need for change in the business world.
Arcadia is primarily comprised of women-oriented fashion retailers, such as Evans, Wallis and Dorothy Perkins, though it includes the Topman and Burton men's clothing chains.
Claire Bailey, a retail analyst, told the BBC: "In cases where charges or charges are laid against business owners, customers may feel uncomfortable with spend their money with them.
"It's a difficult situation because people will have heard the story and can form a judgment and reach a conclusion, whether the result is favorable or not."
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Sir Philip is also a regular at London Fashion Week, presented here in 2015.
The Telegraph first reported the injunction on Wednesday, saying that a "leading businessman" had won the legal battle to prevent the newspaper from printing details on harassment complaints against him.
Without naming Sir Philip, he said he spent eight months investigating allegations of harassment, intimidation and sexual harassment.
He also reported that interviews with five staff members revealed that the victims received "substantial sums" in return for their legal commitment not to discuss their alleged experiences.
However, on Thursday, Lord Hain used his parliamentary privilege to identify Sir Philip, saying it was his duty given the "serious and repeated" nature of the allegations.
He also said that non-disclosure agreements were used to "cover up the truth".
This decision drew criticism from some jurists, but Lord Hain asserted that it was the "right thing to do".
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The BBC has not been able to verify the allegations contained in the Telegraph's report.
Sir Philip said: "Arcadia and I take the accusations and grievances of the employees very seriously and, if necessary, a thorough investigation is under way.
"Arcadia employs more than 20,000 people and, like many large companies, sometimes receives formal complaints from its employees.
"In some cases, these are settled with the agreement of all parties and their legal advisers.These regulations are confidential and I can not say any more."
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