Its To Sir, With Love song, from Lulu.
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To first understand this line, please refer to this article on answers.com, which has provided some much needed context:
Lulu is singing about their teacher, a black man, who "took them from crayons to perfume", taught them right from wrong, and how do they repay him for all he has done for them.
According to this curriculum overview written by Myron Greenfield of University of Houston:
“From Crayons to Perfume” refers to a lyric from the theme song from “To Sir With Love,” a benchmark of 1960s school cinema. No matter who we were, no matter where we lived, we began the decade with crayons, and finished it wearing perfume. We grew up, whether we wanted to or not.
the line is simply a more poetic way to express that the teacher had accompanied Lulu from when they were still a child, hence crayon, up until they became an adult, hence perfume.