The present invention relates to an emulsion not containing any emulsifying surfactant, in particular to an oil-in-water emulsion not containing any emulsifying surfactant, characterized in that it comprises, especially in a physiologically acceptable medium, at least composite particles comprising a core comprising at least organic or inorganic particles A； said core being covered at the surface, continuously or discontinuously, with an envelope comprising at least organic or inorganic particles B； said particles A and B having different polarities.The present invention also relates to the use of the composite particles as defined previously as emulsion stabilizer, in particular as stabilizer for an emulsion not containing any emulsifying surfactant, and more particularly as stabilizer for an oil-in-water emulsion not containing any emulsifying surfactant.The present invention also relates to a cosmetic process for treating a keratin material, which consists in applying to the keratin material an emulsion as defined previously.
