A water-based composition containing oil soluble components may include an anhydrous concentrate and a hydration component, which may be stored in separate vessels prior to mixing. The anhydrous concentrate may be combined with the hydration component to create a consumer product such as a topical cream. The anhydrous concentrate may include a preparation that includes a liquid dispersion polymer, an inverting surfactant and a binding agent, and also may include lipid-soluble vitamins, antioxidants and the like. The hydration component may include water and a preservative system, and also may include water-soluble vitamins, antioxidants and the like. Two forms (i.e. lipid-soluble and water-soluble) of a given ingredient (such as vitamin C) may be provided in the concentrate and the hydration component, respectively. A third vessel may be used for mixing the concentrate with the hydrator and/or dispensing the concentrate, the hydrator and/or the consumer product.