Sure, but maintenance wouldn't be such an issue with good enchants that lasts decades (centuries?). Probably still too expensive to put on everyone, but on an elite guard or officers perhaps.
Making armor tougher than the material would suggest can mean a lot of different things though. Twice the strength of normal clothing won't stop a knife.
Something like transforming your cloth into spider silk, however... It's elastic and tougher than kevlar.
Theoretically you could use magic for the fabrication process, so it wouldn't expire like an enchantment might. Basically use magic to guide and modify spiders to produce lots and lots of silk and weave a nice bullet-proof vest. Perhaps with an enchantment on afterwards for good measure.
It makes one wonder how powerful a trained assassin garbed in magical artifacts could be.