Social Currency with Sammi Cohen

How Pat McGrath’s $1B Beauty Empire Ended in Bankruptcy

When the most legendary makeup artist in the world, Pat McGrath, finally launched her own beauty brand, her hero product sold out in minutes.  Within three years, Pat McGrath Labs was valued at $1 billion. Today, it’s in bankruptcy court. Today, Sammi dives into the dramatic rise and unraveling of Pat McGrath Labs. Valued at roughly 25 times revenue, the brand was suddenly operating under hypergrowth expectations that clashed with its luxury positioning and deliberately controlled expansion. As sales slowed, distribution widened, and investor pressure intensified, what began as a cash flow squeeze spiraled into something much bigger. Sammi breaks down the aggressive private equity deal that set the tone, the strategic tension between artistry and scale, and the $17.5 million bridge loan that ballooned into a $43 million claim—ultimately triggering a last-minute Chapter 11 filing to stop a forced auction. It’s a case study in valuation psychology, capital structure, and what happens when the wrong money meets the right founder at exactly the wrong time. Follow Sammi Cohen on Instagram  Subscribe to the Social Currency newsletter  00:00 The Rise of Pat McGrath Labs  02:51 The Billion Dollar Valuation Problem  04:17 The Sales Strategy Challenges 08:00 The Predatory Loan  08:59 The Bankruptcy Filing  10:26 Lessons and Cautionary Tale 13:10 Pat McGrath’s Personal Liability 15:29 Takeaways From Pat McGrath Labs  16:22 How to Show Social Currency Some Love  Learn more about your ad choices. Visit megaphone.fm/adchoices

Aparna Chennapragada (Microsoft) on AI’s Next Two Years, Category Collapse, and Using AI To Ace a Meeting

AI is no longer a future trend—it’s already reshaping how countless people work. And few people are closer to that shift than Aparna Chennapragada, Chief Product Officer for AI experiences at Microsoft. In this conversation, Aparna pulls back the curtain on how AI is actually being built into everyday work. She shares her bold two-year prediction for how work will change, tips for using AI to ace your next big meeting, and what Gen Z expects from the tools they use every day. They also get honest about the bets that didn’t work, how to prioritize when everything feels urgent, and the leadership lessons Aparna has learned scaling innovation inside one of the world’s largest companies. Plus: why prompting may be the most important new career skill—and what that means for managers, creators, and anyone trying to stay relevant in the AI era. 00:00 Aparna Chennapragada’s Social Currency  02:23 Bold Predictions for AI in the Next Two Years  03:48 How Microsoft's AI Strategy Has Evolved 06:39 AI Hacks For Your Next Meeting 11:39 Empathy in AI Design  13:50 How to Prioritize When Everything Feels Urgent  17:27 The Right Way to Think About Customer Feedback  19:39 Gen Z's Influence on Design  22:47 Workshopping Cohesiveness and Interoperability  25:46 Staying Focused in a Noisy AI World  29:28 Mastering the Skill of Prompting  34:11 AI in Education and Parenting  35:24 Leadership Principles in AI Development  38:33 How to Have Difficult Conversations With Your Team 40:24 Innovating at the Speed of Tryst  42:35 The Future of AI in Media  45:37 Hot Takes on AI 47:10 Social Currency Corner  50:09 Advice for New Product Managers  51:37 How to Show Social Currency Some Love Learn more about your ad choices. Visit megaphone.fm/adchoices

The 1 Rule That Made Aldi America’s Fastest-Growing Grocery Chain

Aldi is quietly becoming the fastest-growing grocery train, without flashy stores, massive advertising budgets, or endless product choice. In this episode, Sammi breaks down how the company’s deliberately simple model (limited assortment, extreme cost discipline, productivity obsession, and private-label strategy) has allowed it to grow rapidly while competitors struggle with rising prices and complexity. Drawing on her own experience training to be an Aldi District Manager, Sammi explains the one rule that has cemented Aldi’s position leading the pack. At the center of Aldi’s strategy is a single internal question that guides nearly every choice. Understanding that principle helps explain not just Aldi’s growth, but why the model continues to hold together as it scales. Follow Sammi Cohen on Instagram  Subscribe to the Social Currency newsletter  Here’s what Sammi covers today: 00:00 Aldi’s Social Currency 02:15 Aldi’s origin story 03:12 The kidnapping 04:05 Trader Joe’s and the Aldi split 06:40 How Aldi scaled 08:34 Ruthless efficiency 10:15 Private label products 10:59 Sammi’s Aldi days 12:35 Aldi’s customer psychology strategy 14:28 The single internal rule that explains Aldi’s success 16:04 How to show Social Currency some love Learn more about your ad choices. Visit megaphone.fm/adchoices

Dianna Cohen (Crown Affair) on Building a Cult DTC Brand, Choosing a Hero Product, and Why “Take Your Time” Wins

What does it actually take to build a beauty brand that feels timeless? Today, Sammi sits down with Dianna Cohen, founder and CEO of Crown Affair, the cult haircare brand that made slowing down a competitive edge. Before Crown Affair, Diana was behind the scenes of some of the most talked-about consumer brands of the last decade (Away, Outdoor Voices), Then, she walked away to build something quieter, more intentional, and way harder to pull off. In this conversation, she breaks down how she chose her hero product, what she learned during the DTC boom (and bust), and why “take your time” isn’t soft advice, it’s a strategy. They get into the real stuff: fundraising without losing the soul of your brand, the moment celebrity endorsements actually matter (and when they don’t), the slick bun tutorial we’ve been waiting for, and the one social move that directly translated to product sales. Dianna also opens up about evolving as a CEO, letting go of control, and building a company culture that doesn’t burn people out. Follow Sammi Cohen on Instagram  Subscribe to the Social Currency newsletter  Follow Dianna on Instagram Follow Crown Affair on Instagram 00:00 Dianna Cohen’s Social Currency02:53 From Away and Outdoor Voices to Crown Affair 07:02 Launching Crown Affair and Picking a Hero Product 14:57 Product Development and Early Tradeoffs 28:53 Go-to-Market Strategy and Raising Capital 31:38 Celebrity Endorsements and Timeless Branding 34:31 The Slick Bun Tutorial We’ve Been Waiting For 37:11 Dianna’s Fundraising Philosophy 46:52 Personal Brand vs. Business Brand on Social 50:27 The Seedling Mentorship Program 55:46 Dianna’s Hot Takes on the Beauty Industry 56:22 Social Currency Corner and Listener Question Learn more about your ad choices. Visit megaphone.fm/adchoices

The $10M Influencer Empire That Collapsed Over a Pink Cake

Chiara Ferragni wasn’t just an influencer, she was a case study in how to turn social media fame into a multi-million-dollar business. And then a pink Christmas cake almost destroyed everything. Today, Sammi breaks down the scandal that triggered regulatory fines, a criminal fraud investigation, mass sponsor exits, and a collapse of more than 90% of company revenue in a single year — all tied to a holiday charity campaign that raised major questions about transparency in influencer marketing. But this story is bigger than one creator. It’s about what happens when governments try to regulate the creator economy in real time and how public blame gets distributed when a brand is a person versus a corporation. Follow Sammi Cohen on Instagram  Subscribe to the Social Currency newsletter  Here’s what Sammi covers today: 00:00 Chiara Ferragni’s Social Currency 02:02 The Christmas Cake Controversy 03:01 Backlash and Fallout 04:23 The Legal Battle  06:11 The Lessons Most People Are Missing Learn more about your ad choices. Visit megaphone.fm/adchoices