In order to unlock this trophy, you will need animal skins to upgrade certain equipment.
Your weapon holster and wallet are just two different items that can be upgraded. There are quite a few more. When you bring up the crafting menu while playing the game, you can see what each item will need to be upgraded. Most require multiple animal skins.
You can upgrade the same piece of equipment more than once and it will still count towards this trophy. It does NOT have to be 5 different equipment upgrades.