A process for dispersing pigment in an eyelash coating composition including water, at least one pigment, and at least one wax, by adding at least one C10-C30 alkyl phosphate and at least one C8-C24 fatty alkyl ether of polyethylene glycol, the ether having from 1 to 19 ethylene glycol units and having an HLB<8 at 25° C., during preparation of the eyelash coating composition to disperse the at least one pigment in the eyelash coating composition.