This is obviously a combination of the words "magicien/magique" and "eau" - you should create a translation as appealing as the original name of the product, while conveying its implied message. It definitely helps to know details on the product, how it is promoted, what market is it for, etc. Sometimes, you have to give the client several suggestions and let their advertising department decide. Occasionally, you might have to completely change the words to convey the right message.
Hope this helps.

This might convey the meaning. jps