Multi-region (US + EU + UK + AU + IN) on one Magento, how does it work for fragrance?

Yes, on one Magento instance via Multi-Source Inventory (MSI) + store views per region. The fragrance-specific wrinkles:

• Sources per region, us_warehouse, eu_warehouse (typically NL or DE for VAT-OSS), uk_warehouse (post-Brexit, separate from EU), au_warehouse, in_warehouse. Stocks aggregate sources per shopping region.
• Region-specific SKU visibility, some perfumes can’t ship to certain regions (alcohol restrictions in some Indian states, IFRA-banned ingredients still legal in some non-EU markets). Per-source SKU visibility hides those SKUs from the wrong region’s catalog.
• Currency + VAT per store view, EU view in EUR with VAT-included prices; UK in GBP with UK VAT; AU in AUD; IN in INR with GST. Same SKU pool, different price + tax visibility.
• Payment + BNPL per region, Klarna in EU + UK, Afterpay / Clearpay in AU + UK, Affirm in US, Razorpay + UPI in IN. Fragrance AOV ($60, $180) is right in the BNPL sweet spot; expect 12-18% BNPL share.
• Compliance content per region, EU shows the RP block (EC 1223/2009); CA shows Prop 65; IN shows Legal Metrology MRP. Hyvä store-view-scoped CMS blocks.

Shopify Markets is similar in concept but shares the catalog, you can’t easily hide a SKU in one market without scripting. Magento does it natively at the source/stock level. For fragrance, where SKU-level region restrictions are real, this matters.