The thing about allergic reactions is that they usually get worse over time as your body has a chance to develop a greater histamine response to them.
I get hives quite often, unfortunately. I have very sensitive skin and I'm allergic to stupid things like watermelon, and so EVERY EFFING YEAR I always think, "Maaaaybe I've outgrown it...that watermelon does look tasty..." and then I end up with hives and an itchy throat and a tummy that hurts. It's not like I develop a full-on anaphylactic reaction that would necessitate medical intervention, but it makes me really uncomfortable and itchy. It sucks. If you have difficulty breathing during an allergic reaction, call 911.
Take Benadryl - as long as you're not allergic to it - and you can also get Benadryl ointment to put on your skin. Failing that, try a mild cortisone cream (also from the drugstore) to stop the itching.
There's a homeopathic remedy called Apis Mel. (it's the latin name for honeybee, I think) you should be able to find it at health food stores or from naturopath physicians. I've taken Apis Mel. before and had great results, but I've also heard people denounce homeopathy as placebos. Whatever, I think they work just fine.
Anyway...don't use the cologne again, you are highly likely to just have an even worse reaction. You can try spraying it on your clothes where it won't touch your skin. Otherwise, I'd swap the bottle.