Formal:
* Il porte une chemise blanche. (This is the most common and neutral option.)
Informal:
* Il a une chemise blanche. (This is less formal and more common in everyday conversation.)
* Il est en chemise blanche. (This literally translates to "He is in a white shirt" and is more informal.)
You could also use the verb "être vêtu de" which means "to be dressed in":
* Il est vêtu d'une chemise blanche.
The choice ultimately depends on the context and your desired level of formality.