A member of the House of Lords, Peter Hain, named the businessman after the Daily Telegraph newspaper was prevented from doing so by a court order obtained by Green.
Hain was able to name the businessman because members of the UK parliament are protected from defamation claims. He said it was his "duty" to reveal Green's name because the allegations related to "serious and repeated sexual harassment, racist abuse and bullying which is compulsively continuing." He had been contacted by someone "intimately involved" in the case, he said.
CNN has not been able to independently verify the allegations in the Telegraph.
Green issued a statement on Thursday denying the claims. "I am not commenting on anything that has happened in court or was said in Parliament today," he said.
"To the extent that it is suggested that I have been guilty of unlawful sexual or racist behaviour, I categorically and wholly deny these allegations.
"Arcadia and I take accusations and grievances from employees very seriously and in the event that one is raised, it is thoroughly investigated.
"Arcadia employs more than 20,000 people and in common with many large businesses sometimes receives formal complaints from employees. In some cases these are settled with the agreement of all parties and their legal advisers. These settlements are confidential so I cannot comment further on them."
More about: Philip-Green
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