usman ghani

in that context, it is a proper noun...so it does not have a meaning

Agreed. But Blue Lady could mean a sad lady, maybe a lady of mystery... The French have l'heure bleu, the blue hour, or twilight, when everything is supposed to be more romantic...

Or it could be that the perfume namer's girlfriend had a pretty blue dress, and he called the perfume Blue Lady in her honor...