The invention describes a silicone oil emulsion stabilized with soap. The soap is formed in situ from one or more fatty acids and a cation of a base during the emulsification process. The invention also provides a method of forming a soap stabilized oil-in-water emulsion including the steps of forming a first mixture comprising a silicone oil, a base, and initial water, combining the first mixture with a fatty acid component and emulsifying the resultant combination.