The present invention concerns a composition, in particular in the form of aqueous dispersion for caring for and/or making up keratin materials comprising, in a physiologically acceptable medium, a) one aqueous phase; and b) 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. The present invention concerns also a cosmetic process for caring for and/or making up keratinic materials, comprising application on said keratinic materials in particular on the skin of a composition as above defined.