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 *
Stupp Henry
   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
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
(Last)
(First)
(Middle)
5990 SEPULVEDA BLVD #600		 3. Date of Earliest Transaction (Month/Day/Year)
10/19/2012
(Street)

SHERMAN OAKS, CA 91411		 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               81,967 D  
Common Stock               91,967 D  
Common Stock               104,529 D  
Common Stock 10/19/2012 10/19/2012 S   35,000 D $ 14.3 69,529 D  

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
Common Stock Options $ 18.3 07/26/2012   J V   18,750 01/31/2012 08/26/2016 Common Stock 18,750 $ 18.3 18,750 D  
Common Stock Options $ 18.3 07/26/2012   J V   18,750 01/31/2013 08/26/2016 Common Stock 18,750 $ 18.3 37,500 D  
Common Stock Options $ 18.3 07/26/2012   J V   18,750 01/31/2014 08/26/2016 Common Stock 18,750 $ 18.3 56,250 D  
Common Stock Options $ 18.3 07/26/2012   J V   18,750 01/31/2015 08/26/2016 Common Stock 18,750 $ 18.3 75,000 D  
Common Stock Options $ 18.3 07/26/2012   J V   18,750 01/31/2016 08/26/2016 Common Stock 18,750 $ 18.3 93,750 D  
Common Stock Options $ 13.06             06/18/2013 06/18/2019 Common Stock 30,000   123,750 D  
Common Stock Options $ 13.06             06/18/2014 06/18/2019 Common Stock 30,000   153,750 D  
Common Stock Options $ 13.06             06/18/2015 06/18/2019 Common Stock 30,000   183,750 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Stupp Henry
5990 SEPULVEDA BLVD #600
SHERMAN OAKS, CA 91411		   X     Chief Executive Officer  

Signatures

 Mark DiSiena under POA for Henry Stupp   10/23/2012
**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:
On October 19, 2012, Mr. Stupp sold 35,000 shares of Cherokee common stock at a per share price of $14.30 (excluding a $0.05 broker charge) for total proceeds to Mr. Stupp of $500,500.

On July 26, 2012, Mr. Stupp transferred 50% of the 187,500 stock options (the "2010 Option") subject to his prior stock option grant dated August 26, 2010. Such options were transferred to Mr. Stupp's ex-wife pursuant to a marital property settlement.  Such transferred options remain subject to the vesting conditions and other terms applicable to the 2010 Option.

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