Label’s strange with odd letters missing (3)
I believe the answer is:
tag
'label's' is the definition.
('tag' can be a synonym of 'label')
'strange with odd letters missing' is the wordplay.
'with odd letters missing' indicates alternate letters.
The alternating letters of 'strange' are 'TAG'.
(Other definitions for tag that I've seen before include "Label or sticker" , "Restriction" , "Label - children's game" , "Name" , "Identity disc" .)