Ibn Majah

Benefits and Issues:
➊
White clothing is the best clothing.
This was more beloved to the Prophet (sallallahu alayhi wa sallam).

➋
The first narration (3557)
has been graded hasan by Imam Ibn Hibban, Imam Busiri, Hafiz Ibn Hajar, and Shaykh al-Albani on the basis of supporting narrations, whereas our esteemed researcher has declared it weak, and their opinion appears closer to correctness.
The researchers of Musnad Ahmad, after a lengthy discussion, have also declared it munkar, and Dr. Bashar Awwad has given the same ruling on this hadith. Therefore, according to our understanding, it seems better on this occasion to recite the supplications found in other authentic ahadith.
And Allah knows best.
For further details, see: (al-Mawsu‘ah al-Hadithiyyah, Musnad al-Imam Ahmad: 441, 442 and Sunan Ibn Majah, edited by Dr. Bashar Awwad, no. 3558)

➌
It is narrated from Abu Sa‘id al-Khudri (radi Allahu anhu) that when the Messenger of Allah (sallallahu alayhi wa sallam) would wear new clothing, he would recite this supplication:
(اللهم لَكَ الْحَمْدُ أَنْتَ كَسَوْتَنِيهِ أَسْأَلُكَ خَيرَهُ وَخَيْرَ مَا صُنِعَ لَهُ وَأَعُوْذُ بِكَ مِنْ شَرِّهِ وَشَرِّ مَا صُنِعَ لُه)
“O Allah! All praise is for You.
You alone have clothed me with this.
I ask You for its goodness and the goodness for which it was made,
and I seek refuge with You from its evil and the evil for which it was made.”
(Sunan Abi Dawud, Book of Clothing, Chapter: What to say when wearing new clothes, Hadith: 4020)
And when he would wear ordinary clothing, he would recite this supplication:
(الْحَمْدُ لِلَّهِ الَّذِي كَسَانِي هَذَا الثَّوْبَ وَرَزَقَنِيهِ مِنْ غَيْرِ حَوْلٍ مِنِّي وَلَا قُوَّةٍ)
“All praise is for Allah who has clothed me with this garment and provided it for me without any power or strength from myself.”
(Sunan Abi Dawud, Book of Clothing, Chapter: What to say when wearing new clothes, Hadith: 4023)
Also in Abu Dawud, it is narrated from Abu Nasrah that when any of the companions of the Prophet (sallallahu alayhi wa sallam) would wear new clothing, he would be supplicated for as follows:
(تبلى ويخلف الله تعالىٰ)
“May you wear it out (by using it well),
and may Allah, the Exalted, grant you another in its place.”
(Reference as above)
These supplications are authentically established from the Messenger of Allah (sallallahu alayhi wa sallam) with sound chains, therefore we should give importance to the prescribed (masnun) supplications.