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When we create audiences in AEM, there is no option to create a folder and keep audiences into folders hierarchy. All audiences created right underneath /etc/segmentation/contexthub.
There is a requirement for us to create audiences for different levels like divisions -> regions -> Markets -> Stores.
I am not aware of any way to change this. I recommend using what AEM has developed instead of trying to change it - which will most likely will not be supported by the support team.