Should VHS tape variations be entered as individual releases?
The UPC-A, ISBN-10 and SKU numbers are identical on both releases.
My two cents: From a "collector" perspective, I think cosmetic variants like this are (or should be) valid, as they are on Discogs.
These are almost identical releases, according to the data and available images, just with different logos/contact info. on the spine and reverse (see lower right corner of reverse-side scans. Though not pictured, the logo on the spine of the 2nd version is the same as the red circle logo, only inside a yellow circle). I consider details like this important.
I feel the same way about release variants featuring printed versus stickered labels, though the example I posted may be a more clear-cut variation than what you're describing.
I agree with morgue_sludge. Different packaging design features constitute a separate release. Just be sure to make it clear in the notes - adding a link to the similar release can also ease finding a release for users.