IMO, Eloquence is a series and not a label. I did several edits into this direction and no one ever complained. Note that there is also the questionable label Australian Eloquence (EDIT: I moved all those releases to series Eloquence and a new series Australian Eloquence by now.)
For the case of “Deutsche Grammophon Resonance” mentioned by reosarevok: That case is a bit more complicated as the name “Resonance” is somewhat attached to the logo of Deutsche Grammophon, which might be interpreted as a new logo on its own. And in 1994 Deutsche Grammophon started to use a label “Resonance”, without the logo of Deutsche Grammophon.
The discussion never came to an ultimate agreement. The current status quo is that we have series and label in parallel. Also in this case, my feeling is more and more that “Deutsche Grammophon Resonance” (and all those parallel constructions like “Deutsche Grammophon Privilege”, “Archiv Produktion Privilege”, “Deutsche Grammophon Musikfest”, “Deutsche Gramophon Favorit”…) should not exist as labels.