The invention deals with a dispersion of drops of a first phase in a second phase substantially immiscible with the first phase, the solubility of the first phase in the second phase being less than 5% by mass. Each drop includes a core formed with a first phase and a shell formed with a coacervate layer interposed between the first phase and the second phase.The coacervate layer comprises a first precursor polymer of the coacervate and a second precursor polymer of the coacervate, one of the first phase and of the second phase is aqueous, and the other of the first phase and of the second phase is oily.