For every piece of visible equipment you wear they would need to hire a concept artist(s), who can draw good looking armor - fast possibly before 2017 or EoW-. Hire another talented artist who can create a high-detail mesh, based on the concept,.. and texture the equipment, so it looks like the beautiful concept and looks good in Unreal Engine too. Spending many hours on animation as well = animator hired, then you multiply this time+salary for:
plate mail type-1 plate mail type-2 plate mail type-3….
Chainmail type-1 Chainmail type-2 Chainmail type-3….
banded mail 12 3
leather armor 123
helmets hats 123….
gloves 123456
boots 123456
pants 123456
swords , axes, maces, clubs, daggers gazillion types
Add a nice TIME MULTIPLIER per equipment piece = add everything up , 1 equipment is made during x times days, x times weeks - and the Game will be this late.
If you also want cloaks visible, then a Cloaks-Team needs to agonize over making animated cloaks looking good in Unreal Engine and moving cloth not getting in the way, when characters swinging their weapons.
For this you need: lots of talented workers = artists who need lots of money to do visible equipment that doesn't look ugly, but rather attractive. Its always hard to create something nice.