اَلْحَمْدُ لِلَّهِ الَّذِي كَسَانِي هَذَا وَرَزَقَنِيهِ مِنْ غَيْرِ حَوْلٍ مِنِّي وَلَا قُوَّةٍ
Transliteration
Alhamdu lillahilladhi kasani hadha wa razaqanihi min ghayri hawlin minni wa la quwwah
English meaning
All praise is for Allah who has clothed me with this and provided it for me without any might or strength on my part.
When is it recited?
When wearing a new garment.
Its virtue
His previous sins are forgiven.
Source
Abu Dawud, Libas 1