That's like asking do women find glasses on a man attractive, or do women find ginger hair on a man attractive (the answer to both is yes, by the way). Beards look good on some people, and ridiculous on others. Sometimes I like them on men, the majority of time I do not.
Stubble rash is not nice.
Couldn't comment on designer anything, but as for beards. It is my belief that if you have one the chances are you are more appealing to a minority of women and less attractive to the majority. But this is compensated by the fact that the women who like beards have fewer males available to satisfy this requirement, so what you lose of the swings you gain again on the roundabouts.
Can I just clarify, I was referring to "designer beards" - which I think look a bit daft. Saying that, I've always had a thing for George Michael and that designer stubble of his..... *swoon*