Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MARGOLIS ROBERT
   2. Issuer Name and Ticker or Trading Symbol
CHEROKEE INC [CHKE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman and CEO
(Last)
(First)
(Middle)
6835 VALJEAN AVE		 3. Date of Earliest Transaction (Month/Day/Year)
11/01/2004
(Street)

VAN NUYS, CA 91406		 4. If Amendment, Date Original Filed(Month/Day/Year)
11/02/2004		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/01/2004 11/01/2004 G   27,811 D $ 28.14 794,733 D  
Common Stock 11/01/2004 11/01/2004 A   27,811 D $ 28.14 150,000 I By Non-profit foundation (3)
Common Stock               383,541 I By The Newstar Group (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MARGOLIS ROBERT
6835 VALJEAN AVE
VAN NUYS, CA 91406		   X   X   Chairman and CEO  

Signatures

 Russell J. Riopelle under POA for Robert Margolis   11/19/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Remarks:
(1) Prior to the transaction of 11/01/2004 that was originally reported on 11/02/2004, the shares held directly by Mr. Margolis totaled 822,544.  The report of 11/02/2004 mistakenly reported that Mr. Margolis transferred 27,811 shares from The Newstar Group to The Robert Margolis Foundation.  However, the 27,811 shares that were transferred to The Robert Margolis Foundation were from shares held directly by Mr. Margolis.  Hence, after the corrected transaction shown above, the shares held directly by Mr. Margolis now total 794,733.  This total does not include the shares held by the Robert Margolis Foundation, Inc., a California non-profit foundation founded by Mr. Margolis.  Mr. Margolis disclaims any beneficial ownership of, or pecuniary interest in, the shares held by the Foundation.  This report shall not be deemed an admission that Mr. Margolis is the beneficial owner of, or has any pecuniary interest in, such shares for purposes of Section 16 or any other purposes.



(2) After the correction of the reporting of this transaction (as noted in footnote 1 above), the shares held by The Newstar Group, Inc., dba The Wilstar Group, of which Mr. Margolis is the sole shareholder, did not change, and still total 383,541.



(3) After the transfer noted above, there are a total of 150,000 shares held by The Robert Margolis Foundation, Inc., a California non-profit foundation founded by Mr. Margolis.  Mr. Margolis disclaims any beneficial ownership of, or pecuniary interest in, the shares held by the Foundation.  This report shall not be deemed an admission that Mr. Margolis is the beneficial owner of, or has any pecuniary interest in, such shares for purposes of Section 16 or any other purposes.

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