A series of highly concentrated lipophilic cosmetic emulsions were analysed, in order to determine their rheological and textural properties, as a function of their microstructure. The originality of this study lies in the methodology used, especially the shear-stress scanning analysis. The results of a very powerful and comprehensive dynamic rheological analysis suggest the existence of two critical volume fraction values: besides the “close-packed” value φc, a “slack-packed” value φ0, close to 0.60 could be demonstrated. It has been shown that the close-packed structure is stable under shear; in constrast, the slack-packed configuration, defined as φ0<φ<φc is unstable under shear. A comparison with theoretical models, especially that of Princen, showed good agreement and allowed the close-packed value φc to be defined more precisely as 0.67. The gap between 0.67 and 0.74 is probably indicative of a highly polydisperse distribution, as confirmed by microscopic analysis. Flow experiments confirmed the validity of Princen‘s model.