Having been in the shoe repair business for 10 year in an earlier life, I would recommend not using adhesives that harden. No super glue or the like. many contact cements will not have the holding power needed for a permanent installation like you want. Contact cements used for leather would be Barge or Master cement. It will hold but not be brittle. Can get them at Tandy Leather or a leather findings house in your area - if they will sell it to you.
Apply cement to both the leather label and the area of felt where you want the label. I would tape it off so the glue doesn't spread outside the lines of the label too much - it will not come out of the felt. Let dry for a few minutes, then re-activate (warm up) both surfaces with a hair dryer, heat gun or heat lamp. Apply the label and press with a weight or big book for a few seconds. Let cool, and you should be good. Hope this helps.
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