The Man in the White Suit (1969) on Netflix

An altruistic chemist invents a fabric which resists wear and stain as a boon to humanity, but big business and labor realize it must be suppressed for economic reasons.

Sidney Stratton, a humble inventor, develops a fabric which never gets dirty or wears out. This would seem to be a boon for mankind, but the established garment manufacturers don't see it that way; they try to suppress it.

—John Oswalt <jao@jao.com>

The unassuming, nebbishy inventor Sidney Stratton creates a miraculous fabric that will never be dirty or worn out. Clearly he can make a fortune selling clothes made of the material, but may cause a crisis in the process. After all, once someone buys one of his suits they won't ever have to fix them or buy another one, and the clothing industry will collapse overnight. Nevertheless, Sidney is determined to put his invention on the market, forcing the clothing factory bigwigs to resort to more desperate measures.

—rmlohner