Abstract: The present invention relates to a water-in-oil emulsion, comprising a continuous hydrophobic phase in which the hydrophilic phase is dispersed, wherein: (i) the emulsion has a total water content in the range of 30% to 95% (w/w); (ii) the emulsion does not comprise an emulsion stabilizer; (iii) the hydrophobic phase has a ratio of low hydrophilic-lipophilic balance amphiphilic molecules to oils in the range of 50% to 96% (w/w); and (iv) the continuous hydrophobic phase is made of lyotropic liquid crystalline nanostructures including 5% to 40% (w/w) water and does not comprise a lamellar phase wherein the low hydrophilic- lipophilic balance amphiphilic molecules have an HLB value in the range between 4 and 11. Furthermore, the present invention relates to a corresponding method for preparing such water-in-oil emulsion, the method comprising: (a) pre-mixing of the two fluid hydrophilic and hydrophobic phases at a rotation speed of at least 4,000 rpm and at a temperature of at least 40° C.