Instead of using if...then, how about using another table that matches brand codes with brand names?
create table item (item_code varchar(10), brand_code varchar(10));
insert into item values ('0000899', 'NI');
insert into item values ('0002121', 'CS');
insert into item values ('0002134', 'LE');
create table item_info (item_code varchar(10), brand_name varchar(20));
insert into item_info values ('0000899', '');
insert into item_info values ('0002121', '');
insert into item_info values ('0002134', '');
create table brand (brand_code varchar(10), brand_name varchar(20));
insert into brand values ('NI', 'Nike');
insert into brand values ('CS', 'Cosmo');
insert into brand values ('LE', 'Levi');
Now we can update the brand name from the brand code using that table:
update
item_info
set
brand_name = (
select
brand.brand_name
from
brand inner join
item on brand.brand_code = item.brand_code
where
item.item_code = item_info.item_code
)
select
*
from
item_info
item_code brand_name
---------- --------------------
0000899 Nike
0002121 Cosmo
0002134 Levi