It's wrong, לבש is used for clothes. But it's frequent in speech, when ענד sounds too formal.
Radagastthebrown- i may be wrong but I believe that the word ענד - to wear - is the root word of עונד - wearing. Formal or informal doesn't really play a part. It would be like saying, "He is 'to wear' a necklace," rather then, "He is wearing a necklace."
What I meant was that the root ע.נ.ד is formal in all conjugations (compared to ל.ב.ש which is incorrect but used colloquially). The word ענד is third person singular masculine past - הוא ענד = he wore (jewelry). "to wear jewelry" = לענוד.