A mascara composition including water an emulsifying system of at least one C16-C18 alkyl phosphate and at least one C16-C22 fatty alkyl ether of polyethylene glycol, the ether with 1 to 19 ethylene glycol units and having an HLB<8 at 25° C. at least one pigment having a color and at least one wax wherein the emulsification system inhibits aggregation of the pigment in the mascara composition such that the color of the pigment is not inhibited, and wherein the mascara composition has a viscosity ranging from 1 to 60 Pa·s.