PROBLEM TO BE SOLVED: To provide an emulsified product having improved characteristics (especially dampish feeling or film feeling on skin or hair when being used as a cosmetic, texture of skin or the like), and to provide a method for producing the same.SOLUTION: In this emulsified product, the inner phase contains a water holding oil, and at least a part thereof is an oil phase in the lyotropic spherical liquid crystal state, and the outer phase is an aqueous phase, and contains O/W emulsion containing closed vesicles formed from an amphiphilic substance for forming closed vesicles spontaneously or particles of a polycondensation polymer having a hydroxy group. The O/W emulsion can maintain the emulsified state by interposition of the closed vesicles and/or the particles on the interface between the aqueous phase and the oil phase.COPYRIGHT: (C)2013,JPO&INPIT【課題】特性(特に、化粧料に用いられたときの皮膚や毛髪の上でのしっとり感や膜感、皮膚のきめ等)が向上された乳化物及び乳化物の製造方法を提供すること。【解決手段】本発明に係る乳化物において、内相は抱水性油剤を含みかつ少なくとも一部がリオトロピック球状液晶の状態である油相であり、外相は水相であり、自発的に閉鎖小胞体を形成する両親媒性物質により形成された閉鎖小胞体又は水酸基を有する重縮合ポリマーの粒子を含むO/Wエマルションを含む。O/Wエマルションは、水相と油相との界面に閉鎖小胞体及び/又は粒子が介在することで乳化状態を維持するものである。【選択図】図1