This study examines how circular business models are implemented under different institutional conditions. 

Comparing two circular enterprises in Sweden and Bangladesh, it shows that context does not merely enable or constrain circularity; it changes the organisational work needed to create, deliver and legitimise circular value. In aligned settings, circularity can build on infrastructure, coordination and performance-based legitimacy. In fragmented settings, firms must also build markets, partnerships, standards and credibility. 

The study’s value is to turn “context matters” into a practical diagnostic: circular models do not simply travel; they must be matched with the regulation, infrastructure, standards, trust and markets that make them workable, credible and scalable.