Sir Philip Green is to lodge a formal complaint against the Labour peer who named him in the House of Lords.
Lord Peter Hain used Parliamentary privilege to reveal the name of Sir Philip, who was granted an injunction to prevent his identity from being revealed in the press amid allegations of sexual harassment and racial abuse.
The BBC's business editor, Simon Jack, said Sir Philip told him he intends to complain to the House of Lord's authorities, after it emerged that Lord Hain failed to disclose he had a financial relationship with the Daily Telegraph's lawyers.
Lord Hain, who acts as a global and governmental adviser for the law firm Gordon Dadds, said he had been "completely unaware" it was acting for the Telegraph in the case.
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However, Sir Philip told the BBC he believes if Lord Hain had read the judgment he would have seen the law firm's name on the first page.
Former attorney general Dominic Grieve QC said Lord Hain's behaviour had been "clearly arrogant" and he had abused parliamentary privilege in deciding he knew better than the courts.
Sir Philip has said in a statement that he "wholly and categorically" denies any allegation of "unlawful sexual or racist behaviour".
The Telegraph has now written to Sir Philip's lawyers threatening to quickly return to court for the trial unless they drop the injunction.
Ending the legal battle would allow its reporters to air the allegations from those who entered into non-disclosure agreements.