I have never heard of this phrase. Black Label is a famous make of Whisky but you wouldnt normally use it in the sense you have used it. It might perhaps be an expression particular to the area you live in which doesnt translate well in English.

i here in guangzhou, i saw this sentence at a ads in so many guangzhou metro station. but me neither, i don't the exact meaning.

黑表应该是高级不过。。。 actually Johnny Walker blue and gold label are better than black. but personally i can't taste the difference between gold and blue haha! i guess i should keep trying... ;P i grew up in the south where we drink mostly just American bourbon and whiskey... but some Scotch whiskey are pretty good as well. and i disagree with bingibongi i have heard ppl describe themselves or others like u said!

“balck lable”is "黑标" in Chinese.It stands for high taste(quality) noble life.