Ι found a different form of the verb in two different dictionaries. I found φορώ for "wear" and φοράω wasn't in either of them.
Both are correct. There are many verbs with one long, double vowel ending that is truncated to a single vowel like this. For more see here. (Although I have to add that the second example given there, οδηγώ, is now practically conjugated like αγαπάω in its long form.)