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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1. Name and Address of Reporting Person * RAVICH JESS M   2. Issuer Name and Ticker or Trading Symbol CHEROKEE INC [CHKE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 149 S. BARRINGTON, #828 3. Date of Earliest Transaction (Month/Day/Year) 02/07/2011 (Street) LOS ANGELES, CA 90049 4. If Amendment, Date Original Filed(Month/Day/Year) 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               23,969 D   Common Stock 02/07/2011 02/07/2011 A   50,000 A $ 18.15 50,000 I The Ravich Revocable Trust of 1989

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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

Common Stock Options

$ 16.08

02/01/2011

02/01/2015

Common Stock

2,666

2,666

D

Common Stock Options

$ 16.08

02/01/2012

02/01/2015

Common Stock

2,667

5,333

D

Common Stock Options

$ 16.08

02/01/2013

02/01/2015

Common Stock

2,667

8,000

D

Common Stock Options

$ 18.15

01/28/2011

01/28/2016

Common Stock

100,000

108,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
RAVICH JESS M 149 S. BARRINGTON, #828 LOS ANGELES, CA 90049	X

Signatures

Mark DiSiena under POA for Jess M. Ravich		02/08/2011
**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: As previously reported on Cherokee Inc.'s Current Report on Form 8-K, which was filed with the Securities and Exchange Commission on January 31, 2011, on January 28, 2011, Robert Margolis resigned his positions as Executive Chairman and as a director of Cherokee. In connection with Mr. Margolis' resignation from Cherokee, Mr. Margolis and Cherokee entered into a Separation Agreement and General Release of all Claims (the "Separation Agreement"), which provided that Cherokee or its designee shall purchase a total of 460,000 shares of Cherokee's Common Stock from Mr. Margolis following the effectiveness of the Separation Agreement.  In furtherance of the foregoing, on February 7, 2011, The Ravich Revocable Trust, of which Mr. Jess Ravich is a trustee, purchased 50,000 shares of Cherokee's Common Stock from The Robert Margolis Foundation on the terms contemplated by the Separation Agreement a price per share of $18.15 for an aggregate amount of of $907,500.

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