Simple rhyming text on board pages relate the fairy tale of the Emperor who was tricked into buying clothes that he could not see, and so marched out into town in his underpants.
A vain emperor is tricked into a scam by swinders who claim to be "magic weavers" and offer the emperor clothing that becomes invisible to those with a less discerning eye.
Two rascally weavers convince the emperor they are making him beautiful new clothes, visible only to those fit for their posts, but when he wears them during a royal procession, a child recognizes that the emperor has nothing on.