Sir Philip Green is facing calls to be stripped of his knighthood following allegations against him of sexual harassment and racist behaviour.
The allegations involving five employees were revealed by the Daily Telegraph after his legal action against the paper ended at the High Court.
Sir Philip denied his behaviour was criminal or amounted to gross misconduct.
George Freeman, Theresa May’s former policy advisor, has called for the businessman to be stripped of his knighthood if the allegations against him are true.
When asked by the Sunday Times if Sir Philip should lose the honour, the MP for Mid Norfolk said: "Honours like knighthoods and peerages are granted to people in good faith on the basis of what seems at the time a distinguished public record.
"If it transpires that there was indeed some fraud or misconduct or wilful misleading of people or abuse of office, then yes."
'Accused of monstrous acts'
Labour chairman Ian Lavery has also called for Sir Philip to lose his knighthood if the allegations are true.
"If the allegations are true, then Philip Green should be stripped of his knighthood," he said.
Other MPs have called on the police to investigate Sir Philip following the allegations.
MP Peter Kyle on Sunday wrote to Metropolitan Police Commissioner Cressida Dick asking her force to investigate claims against the Topshop boss, the Daily Telegraph reported.
Mr Kyle, the Labour MP for Hove who sits on the business, energy and industrial strategy committee, wrote to Scotland Yard saying "it is clear that some of his behaviour warrants criminal investigation".
"Sir Philip Green is accused of monstrous acts which must have inflicted unimaginable fear into his subordinates, particularly women and people belonging to minority groups, who seem to have attracted the most vicious of his alleged attacks," the letter continued.
The Telegraph fought a long legal battle to report the allegations, after being banned by a court injunction sought after Sir Philip and an executive at his Arcadia firm were contacted for comment in July.
Sir Philip's lawyers told the newspaper: "It is further denied that any of Sir Philip's conduct towards employees amounted to any type of crime, or anything that would amount to gross misconduct, or a serious risk to health and safety."