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)
12/18/2014
(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 12/18/2014   M   1,001 A $ 16.08 39,719 D  
Common Stock 12/18/2014   S   1,001 D $ 19.7 38,718 D  
Common Stock 12/19/2014   M   100 A $ 16.08 38,818 D  
Common Stock 12/19/2014   S   100 D $ 19.7 38,718 D  
Common Stock 12/19/2014   M   1,200 A $ 16.08 39,918 D  
Common Stock 12/19/2014   S   1,200 D $ 19 38,718 D  
Common Stock 12/22/2014   M   12,699 A $ 16.08 51,417 D  
Common Stock 12/22/2014   S   12,699 D $ 18.8 38,718 D  
Common Stock 12/22/2014   M   16,346 A $ 16.08 55,064 D  
Common Stock 12/22/2014   S   16,346 D $ 18.9 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   26,666 D  
Common Stock Option $ 16.08             02/01/2012 02/01/2015 common stock 16,667   43,333 D  
Common Stock Option $ 16.08             02/01/2013 02/01/2015 common stock 16,667   60,000 D  
Common Stock Option $ 18.3             08/26/2011 08/26/2017 common stock 16,666   76,666 D  
Common Stock Option $ 18.3             08/26/2012 08/26/2017 common stock 16,667   93,333 D  
Common Stock Option $ 18.3             08/26/2013 08/26/2017 common stock 16,667   110,000 D  
Common Stock Option $ 17.21             03/23/2012 03/23/2018 Common Stock 20,000   130,000 D  
Common Stock Option $ 17.21             03/23/2013 03/23/2018 Common Stock 20,000   150,000 D  
Common Stock Option $ 17.21             03/23/2014 03/23/2018 Common Stock 20,000   170,000 D  
Common Stock Option $ 17.21             03/23/2015 03/23/2018 Common Stock 20,000   190,000 D  
Common Stock Option $ 17.21             03/23/2016 03/23/2018 Common Stock 20,000   210,000 D  
Common Stock Option $ 13.06             06/18/2013 06/18/2019 Common Stock 20,000   230,000 D  
Common Stock Option $ 13.06             06/18/2014 06/18/2019 Common Stock 20,000   250,000 D  
Common Stock Option $ 13.06             06/18/2015 06/18/2019 Common Stock 20,000   270,000 D  
Performance Stock Unit (1)               (1) 01/30/2016 Common Stock 17,000   287,000 D  
Common Stock Option $ 13.54             05/09/2015 05/09/2021 Common Stock 10,000   297,000 D  
Common Stock Option $ 13.54             05/09/2016 05/09/2021 Common Stock 10,000   307,000 D  
Common Stock Option $ 13.54             05/09/2017 05/09/2021 Common Stock 10,000   317,000 D  
Common Stock Option $ 16.08 12/16/2014   M(4)     18,654   (2) 02/01/2015 Common Stock 18,654 $ 16.08 298,346 D  
Common Stock Option $ 16.08 12/18/2014   M     1,001   (2) 02/01/2015 Common Stock 1,001 $ 16.08 297,345 D  
Common Stock Option $ 16.08 12/19/2014   M     100   (2) 02/01/2015 Common Stock 100 $ 16.08 297,245 D  
Common Stock Option $ 16.08 12/19/2014   M     1,200   (2) 02/01/2015 Common Stock 1,200 $ 16.08 296,045 D  
Common Stock Option $ 16.08 12/22/2014   M     12,699   (2) 02/01/2015 Common Stock 12,699 $ 16.08 283,346 D  
Common Stock Option $ 16.08 12/22/2014   M     16,346   (2) 02/01/2015 Common Stock 16,346 $ 16.08 267,000 (3) 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   12/22/2014
**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
(3) Amounts in Table II reflect cumulative totals and conform comparable amounts in prior Form 4's for the reporting person
(4) Options were sold on 12/16/2014
 
Remarks:
On December 18, 2014, December 19, 2014, and December 22, 2014 Mr. Siegel exercised stock options in a total aggregate amount of 31,346 shares of Cherokee common stock at an exercise price of $16.08.

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