Hi,
Unfortunately, there are no additional labels options in our theme. You can do this only with additional customization. 
1. Firstly, you need to add an option in the file inc / third-party / nav-menu-images / inc / walker.php
find this code
<option value="hot" <?php selected( $label, 'hot', true); ?>><?php _e('Hot', 'basel'); ?></option>
<option value="sale" <?php selected( $label, 'sale', true); ?>><?php _e('Sale', 'basel'); ?></option>
<option value="new" <?php selected( $label, 'new', true); ?>><?php _e('New', 'basel'); ?></option>
and add more options like this
<option value="hot" <?php selected( $label, 'hot', true); ?>><?php _e('Hot', 'basel'); ?></option>
<option value="sale" <?php selected( $label, 'sale', true); ?>><?php _e('Sale', 'basel'); ?></option>
<option value="new" <?php selected( $label, 'new', true); ?>><?php _e('New', 'basel'); ?></option>
<option value="custom" <?php selected( $label, 'custom', true); ?>><?php _e('Custom', 'basel'); ?></option>
then, edit this file inc / functions.php
switch ( $label ) {
	case 'hot':
		$label_text = esc_html__('Hot', 'basel');
	break;
	case 'sale':
		$label_text = esc_html__('Sale', 'basel');
	break;
	case 'new':
		$label_text = esc_html__('New', 'basel');
	break;
}
Replace with this 
switch ( $label ) {
	case 'hot':
		$label_text = esc_html__('Hot', 'basel');
	break;
	case 'sale':
		$label_text = esc_html__('Sale', 'basel');
	break;
	case 'new':
		$label_text = esc_html__('New', 'basel');
	break;
	case 'custom':
		$label_text = esc_html__('Custom', 'basel');
	break;
}
Regards