A pearlescent liquid cosmetic composition and process for preparation is provided herein. The composition includes 14-25% of a C12-C22 fatty acid; 0.1-1.8% of an alkali metal C12-C22 fatty acid soap by weight of the composition; 0.1-10% niacinamide; and 20-85% water. The lustre effect is achieved by careful control of the level of alkali metal hydroxide used to neutralize the fatty acid.
