Equipment is a permanent improvement. It takes effect as soon as the Demonic Reward token is turned face-up, and stays that way until the end of the game.
Once revealed, it is impossible to separate a character from the Equipment token. There are 5 types of equipment: Weapons, Sets, Pets, Technique and Dofus.
A Krosmaster can only have one token of each type of Equipment face-up on their card. If a Krosmaster already owns a piece of Equipment, they cannot reveal another one of the same type.