Barron's thinks (subscription required) that it might be time to look at Kenneth Cole Productions (NYSE: KCP), which currently trades right around its four-year low. With its cash pile and strong same store sales growth, the company could be an attractive value -- a rarity in fashion stocks.

Recently, BusinessWeek looked at Iconix Brand Group (NASDAQ: ICON), the company of Kenneth Cole's younger brother Neil. Iconix has a very different business model though. The company's strategy is to acquire brands, and then license design, manufacturing, and distribution out to third parties. This leaves Iconix to focus on acquiring strong brands and developing innovative marketing campaigns. Judging from the company's robust profits and strong share price growth, it's a strategy that's working. The company currently owns brands including Candie's, Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific, and Danskin.

Interestingly, Kenneth Cole may be borrowing a bit from his brother's playbook, recently snapping up '80s icon Le Tigre for up to $25 million.

Which of these is a better buy here? The Iconix model seems to have a lot more appeal, as the company relies on license fees and is able to maintain a lean operation. The multibrand strategy also eliminates the risk of an essentially single-label fashion company.

But the contrarian in me wants to go with Kenneth Cole, the once-proud fighter whose fallen on (relatively) hard times. But given that they trade at similar valuations and Iconix has much more impressive growth, I'd probably go with the little brother.