This link was very helpful but it was outdated and so copying the setup of the label created an error in the nodes. Probably because Blender has been updated so many times recently.
Finally, I figured out how to get it working and the workflow was something like this:
- Create nice PNG of the label design in some program (I used Inkscape). PNG is needed because of alpha layer I believe
- Follow my node setup here in screenshot jpg file called: “Blender_node_transparent_Label_material_for_glass_or_PET.png”