In order to reduce our carbon footprint we've redesigned our product packaging to become more plastic-free. For the Apple Watch Series 7 (both 41mm and 45mm) you may notice that the InvisibleShield can be a bit tricky to find but, trust us, it's in there.
Simply pull the red tab and open the flap in the top portion. It will be found under that flap. A couple pictures are below: