I am trying to solve this mystery...There is this company called 100% pure who makes lipsticks using fruit extracts as their pigments in their formulations. Fruits pigments are water soluble - so, the listed ingredients are the usual oils and butters, wax and all the fruits extracts.
Even if there is wax in the formulation it isn't an emulsion - it's a solid lipstick. How can they bind the oil phase with the aqueous phase without the emulsion? Also if there is a water component you need a preservative which they don't seem to use other than rosemary leaf extract :)
Same thing with a lipstick I bought last week that contains the usual oils and butters, wax, a tincture which has alcool and water in it and honey. It is not an emulsion either - I tried to make a lipstick with honey once and it separated...
I hope you can explain this chemical trick to me because I am truly wondering !?!?