Hey Fythos,
as far as I know you are not doing anything wrong!
Problem is, that Corona does not yet support stacking several materials on one object.
That means Corona will always only render the top material (most right in the object manager).
A workaround I used when I worked on a similar project:
Duplicate your bottle object and scale it slightly larger (0.01%) than the base model.
Assign the glass material to the original model and the label to the larger one.
Downside to this is, that depending on the size difference you will get shadows between the label and glass.
If this is old information, please anyone, let me know! :-)