WELLINGTON—Starbucks Corp. will have a new partner in New Zealand after the license holder said it will not renew its two-decade-old deal in a region where an entrenched coffee culture has made it difficult for the world’s largest coffee chain to thrive.
Fast-food group Restaurant Brands New Zealand Ltd. said on Aug. 3 it would let its license deal expire in October, though Starbucks would keep its doors open and frappuccinos flowing under a new licensee, Tahua Capital, which had acquired the license for a price of up to NZ$4.4 million ($2.9 million).
