I know it's a long shot but any eagle eyes out there that can read or recognize this label? It's shredded and faded. I can make out sportswear at the bottom. 1940s Cotton crop top with napping figures under Sombreros embroidered at the waist, I bet it had shorts to match.
Perhaps Lizzie can help with this, but I wonder if it is Paddle & Saddle Sportswear. I see in your label a figure paddling a canoe above another figure doing I-don't-know-what and that looks like their design.
I am now pretty sure that is what it is. This is probably too small to see well, but I enhanced the contrast in your photo and put it beside the one I posted above and they seem to me to be the same. I can see "SAD" on the top right of your label and "LE" on the top left.
I see now that the bottom figure in your label is riding a horse (of course...as in the "Saddle" part of Paddle and Saddle!), as is the bottom figure in the Paddle and Saddle label. That should pretty much cement it.
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