SharePoint 2013: PowerShell to Create a Folder in Document Library

$folder = $list.Folders.Add("", [Microsoft.SharePoint.SPFileSystemObjectType]::Folder, "New")
$folder.Update()

Add-PSSnapin Microsoft.SharePoint.PowerShell -ErrorAction SilentlyContinue
 
#Get the Web
$web=Get-SPWeb "http://sharepoint.company.com"
#Get the List/Library
$list=$web.Lists.TryGetList("SalesList")

If($list)  #Check If List exists!
{
    #Check Folder Doesn't exists in the Library!
    $folder = $list.ParentWeb.GetFolder($list.RootFolder.Url + "/" +"Sales List");
    #sharepoint powershell check if folder exists
    If($folder.Exists -eq $false)
    {
       #Create a Folder
       $folder = $list.AddItem([string]::Empty, [Microsoft.SharePoint.SPFileSystemObjectType]::Folder, "Sales Sub-Item")
       $folder.Update();
    }
   
    #Create a Sub-Folder "APAC Sales Documents" inside "Sales Documents"    
    $Subfolder = $list.ParentWeb.GetFolder($folder.URL + "/" + "APAC Sales Documents");
    
    #Check if sub-folder doesn't exist already
    If ($Subfolder.Exists -eq $false)
    {
       #Create a Sub-Folder Inside "Sales Documents"
       $Subfolder = $list.AddItem($folder.URL, [Microsoft.SharePoint.SPFileSystemObjectType]::Folder, "APAC Sales Documents")
       $Subfolder.Update();
    }
}