How do I change product label layout to circle

Step: 1

In your shopify Admin panel, under THEMES & SETTINGS section in the left sidebar menu, click on the "Theme setting"

Like this:

Step: 2

After this, all theme settings page will appear. In this "Product labels" section available. Under this "Layout".

Like this:

Step: 3

Click on this, under the dropdoen menu select "Circle".

Step: 4

Once you done with all settings, Click on the "Save settings" button.

Your settings will be saved successfully.

That's all done.