The invention relates to an aqueous dispersion of microcapsules, said microcapsules comprising a hydrophobic core and a polymeric shell wherein said polymeric shell is formed of the reaction product of (i) at least one monofunctional or multifunctional α,β-unsaturated carbonyl compound, and (ii) at least one nanocellulose or microcrystalline cellulose. The invention also relates to a process for the manufacture of such an aqueous dispersion, as well as consumer products containing an aqueous dispersion of microcapsules according to the invention.