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 *
SIEGEL HOWARD B
   2. Issuer Name and Ticker or Trading Symbol
CHEROKEE INC [CHKE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President
(Last)
(First)
(Middle)
5990 SEPULVEDA BLVD #600		 3. Date of Earliest Transaction (Month/Day/Year)
12/16/2014
(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               38,718 D  
Common Stock 12/16/2014   M   18,654 A $ 16.08 57,372 D  
Common Stock 12/16/2014   S   18,654 D $ 19.87 38,718 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 Option $ 22.7             08/21/2009 08/21/2015 common stock 3,333   3,333 D  
Common Stock Option $ 22.7             08/21/2010 08/21/2015 common stock 3,333   6,666 D  
Common Stock Option $ 22.7             08/21/2011 08/21/2015 common stock 3,334   10,000 D  
Common Stock Option $ 16.08             02/01/2011 02/01/2015 common stock 16,666   16,666 D  
Common Stock Option $ 16.08             02/01/2012 02/01/2015 common stock 16,667   33,333 D  
Common Stock Option $ 16.08             02/01/2013 02/01/2015 common stock 16,667   50,000 D  
Common Stock Option $ 18.3             08/26/2011 08/26/2017 common stock 16,666   16,666 D  
Common Stock Option $ 18.3             08/26/2012 08/26/2017 common stock 16,667   33,333 D  
Common Stock Option $ 18.3             08/26/2013 08/26/2017 common stock 16,667   50,000 D  
Common Stock Option $ 17.21             03/23/2012 03/23/2018 Common Stock 20,000   20,000 D  
Common Stock Option $ 17.21             03/23/2013 03/23/2018 Common Stock 20,000   40,000 D  
Common Stock Option $ 17.21             03/23/2014 03/23/2018 Common Stock 20,000   60,000 D  
Common Stock Option $ 17.21             03/23/2015 03/23/2018 Common Stock 20,000   80,000 D  
Common Stock Option $ 17.21             03/23/2016 03/23/2018 Common Stock 20,000   100,000 D  
Common Stock Option $ 13.06             06/18/2013 06/18/2019 Common Stock 20,000   20,000 D  
Common Stock Option $ 13.06             06/18/2014 06/18/2019 Common Stock 20,000   40,000 D  
Common Stock Option $ 13.06             06/18/2015 06/18/2019 Common Stock 20,000   60,000 D  
Performance Stock Unit (1)               (1) 01/30/2016 Common Stock 17,000   17,000 D  
Common Stock Option $ 13.54             05/09/2015 05/09/2021 Common Stock 10,000   10,000 D  
Common Stock Option $ 13.54             05/09/2016 05/09/2021 Common Stock 10,000   20,000 D  
Common Stock Option $ 13.54             05/09/2017 05/09/2021 Common Stock 10,000   30,000 D  
Common Stock Option $ 16.08 12/16/2014   M     18,654   (2) 02/01/2015 Common Stock 18,654 $ 16.08 11,346 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SIEGEL HOWARD B
5990 SEPULVEDA BLVD #600
SHERMAN OAKS, CA 91411		       President  

Signatures

 Jason Boling under POA for Howard Siegel   12/17/2014
**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).
(1) See previous Form 4.
(2) The option vested in full on 2/1/2013
 
Remarks:
On December 16, 2014 Mr. Siegel exercised stock options of 18,654 shares of Cherokee common stock at an exercise price of $16.08.

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