A metallized thermoplastic label includes a first skin layer containing a thermoplastic and a first cavitating agent, wherein the first skin layer has a first side and a second side, the first skin layer is cavitated, and the first side of the first skin layer is adapted to be used in contact with a cold glue adhesive. The label further includes a cavitated core layer and a second skin layer that is metallized. The particle size of the cavitating agent in the core layer is selected to achieve a desired appearance, especially luster, of the metal layer.