Recipe posted on Liquor.com which states, “Appearances can be deceiving, and such is the case with the Pink Lady: Freshly squeezed lemon juice plays alongside pomegranate-based grenadine, and the drink packs a two-spirit punch of gin and applejack that belies its pretty pink hue. Like many Prohibition-era cocktails, the Pink Lady has an ambiguous history: Its invention was likely a solution to the cheap gin that marked the age; adding other ingredients like brandy, lemon juice, and grenadine helped to mask the unpleasant flavor of the poor-quality spirits available at the time.”
When I made this, it looked very good but the lemon was overpowering. If making again, I would cut down the amount of lemon juice.