PROBLEM TO BE SOLVED: To provide an emulsion by which a physiologically acceptable salt of tranexamic acid ester can be dispersed in a composition in a stable state and whitening ability of the tranexamic acid ester salt can be enhanced while suppressing oily feeling.SOLUTION: According to the present invention, there is provided an outer phase emulsion in which a water-in-oil emulsion is dispersed in an outer phase having a bicontinuous structure. Here, the outer phase comprises: (A) a physiologically acceptable salt of tranexamic acid ester (B) an amphipathic substance selected from combinations linear or branched saturated or unsaturated alcohols having 12 to 22 carbon atoms and alkyl glyceryl ethers consisting of linear or branched saturated or unsaturated alcohols having 8 to 22 carbon atoms and glycerin (C) an oil solution and (D) water, a water-soluble organic solvent, or a mixture thereof. The water-in-oil emulsion, which is a dispersed phase, comprises (E) a lipophilic nonionic surfactant (F) an oil agent and (G) water, a water-soluble organic solvent or a mixture thereof.SELECTED DRAWING: NoneCOPYRIGHT: (C)2018,JPO&INPIT【課題】トラネキサム酸エステルの生理学的に許容される塩を組成物中に安定な状態で分散させることができ、油性感を抑えながら、トラネキサム酸エステル塩がもつ美白効果を高めることができるエマルションの提供。【解決手段】両連続構造を有する外相中に油中水型エマルションが分散されてなる多相エマルションであって、外相が、A)トラネキサム酸エステルの生理学的に許容される塩;B)炭素数12~22を有する直鎖又は分岐鎖の飽和又は不飽和のアルコール、及び、炭素数8~22を有する直鎖又は分岐鎖の飽和又は不飽和のアルコールとグリセリンとからなるアルキルグリセリルエーテルの組み合わせから選ばれる両親媒性物質;C)油剤;及びD)水、水溶性有機溶媒またはこれらの混合物を含み、分散相である油中水型エマルションがE)親油型ノニオン性界面活性剤;F)油剤及びG)水、水溶性有機溶媒又はこれらの混合物を含む、多相エマルション。【選択図】なし