You can follow these steps to apply a badge to only one product variant:
Select Badges from the top of your screen
Under All, choose a badge according to your choice.
From the right side of the screen choose the product to which you want to apply the badge.
Click on Pick Image to choose the product variant to which you want to apply the badge.
Click on Badge Placement in the Store on the bottom right corner of the screen. You can choose from Home Page, Product Page, Collection Page, Any combination of two placements, or Select All placements. To know about the Overlay Mode and the Burn Mode, click here.
Click on Preview on the bottom right corner of the screen to preview the badge
Click on Update Store
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