It is possible to show several labels for one product. In this case you will have so-called Labels Groups for each of your WooCommerce products.
Groups of labels
There are several options that reflect on how groups of labels will be shown.
Priority - Inside each label edit screen you can find the priority option. Higher priority means that label will be shown first inside the labels group.
Also several options can be found inside the plugin settings page.
Labels groups settings
Labels alignment - Alignment of labels inside a group ( vertical or horizontal ).
Labels distance - Distance between labels inside group ( px ).
Max. number of labels per product - Maximal number of labels that can be shown for one product ( default = 5 ).
Max. number of labels per position - Maximal number of labels that can be shown for product inside one position ( before title, on image ).