Oil-in-water emulsion for caring for and/or making up keratin materials comprising microcapsules encapsulating an oily dispersion of at least one reflective agent

The present invention concerns a composition for caring for and/or making up keratin materials comprising, in a physiologically acceptable medium, a) at least one aqueous phase; and b) at least one oily phase dispersed in the said aqueous phase; and c) at least microcapsules comprising: -an inner core comprising at least a dispersion of at least one reflective agent, in particular bismuth oxychloride, in at least one oil, and -at least one outer shell formed of a wall-forming polymeric material surrounding the said core, the said outer shell comprising i) at least one wall-forming polymer, and ii) optionally at least one plasticizer and/or at least one opaque substance and/:or at least one fatty acid salt.