A label whore is someone who only wears brand name clothes, with the name of the brand usually placed somewhere for all to see. A walking advertisement for a clothing store or brand.
Look at that spaz wearing all Abercrombie--what a label whore.
Someone who exclusively (or mostly) wears "name brand" or high fashion labels. They are know to wear only what's in style right "now!". They often purchase clothes solely based on labels and disregard personal style preference or common sense.
Most label whore's generally cannot actually afford the clothes they buy as so much of it goes out of style within months. They're also known to "Shop & Swap" (wear and return clothing after one use).
I lol'd when that label whore Andi couldn't get her money back for that hideous Neiman Marcus bag...$300 down the drain.