From the equipment screen you can equip weapons and armor, adjust your skillsets and assign items for your quickslots.
Inside the gear section there are 12 slots. Weapon, Shield, Armor, Shoes, Hat, Facegear, 2 slots for Accessories, and 4 Slots for Hat, Facegear, Weapon and Shield for Style, which acts as vanity that only shows on the character and does not affect the stats of the equipment worn.
Inside the Quickslots section there will be 10 slots where you can assign skills or items to. These quickslots are:
(Able to be changed at any time)
C, A, S, D, V
F, Q, W, E, R