To manage a label, you have to enter File Manager menu (you are able to find it through the dashboard menu or left-side bar). Then, click the dropdown button and select Manage Label.
To add a label, please click Add Label. Then, type your desired label name, after it click save.
To edit label, click edit icon. Then type your desired label name. Click done.
You are not able to delete label, if there is still a file using the label.
File Manager menu → click drop down button → Manage Label → Edit / Add Label (according to your needs and wants) → Done