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 juice was overpowering. If making again, I would cut down the amount of lemon juice.
So we made this a second time cutting back on the lemon juice and substituting white rum for the gin and found the drink quite bland. It still looked very pretty. Perhaps if we make this again, I would add some simple syrup and/or other ingredients to add some flavor.