Cannon Movie Tales: The Emperor's New Clothes(1987)
In Europe several several centuries ago, a group of prisoners about to be executed are freed as part of the celebration of the upcoming marriage of the emperor's daughter, Princess Gilda, to a very rich prince from another country. Among these newly free men are an uncle-and-nephew con artist team, who continue their usual work to the point where they end up in the emperor's own palace, posing as tailors. Taking advantage of the emperor's extreme love for new and newer clothing as a symbol of his wealth, the fake tailors get him to hire them to make clothes (in time for the wedding) that are invisible to all who are either unfit for their position, or very stupid. Of course, they wouldn't make anything at all, but instead steal all of the material (many jewels) and leave the emperor and all the people thinking that they are unfit or stupid.
Originally posted to YouTube by CannonFilms, this is the theatrical trailer for the movie.