The transition to a circular economy (CE) is reshaping economic and social relations across global value chains, particularly those linking brands in the Global North to suppliers in the Global South. Much of the existing international business (IB) literature focuses on multinational enterprises (MNEs) and privileges the economic and cost-saving aspects of a CE. In addition, studies typically depict MNEs as the primary drivers of CE transformations. This tends to downplay the importance and dynamism within and amongst MNEs and a broad range of national and transnational actors. We draw on the notions of transnational social spaces (TSSs) and transnational communities (TCs) to study efforts to move to a CE in MNEs’ supply chains. Using two TSSs in Bangladesh’s apparel industry, we reveal three important properties that emerge from structured interactions among actors: (i) shared purpose, (ii) shared cognition and logics, and (iii) symbolic change and transformation. These properties simultaneously reflect and shape efforts to move to a circular economy. The TSS and TC concepts facilitate a dynamic, embedded and contextualized view of MNEs. Rather than position MNEs as isolated agents of change, we highlight how they collaborate—and at times, conflict— with other actors in pursuit of circular goals. We supplement IB studies that offer a relatively static, MNE-centric view of CE transitions.