Color changes or discolorations in emulsions are typically caused by pH changes and/or auto-oxidation. You can often (but not always) prevent it by stabilizing the pH to a certain range (e.g. 4.5-5.5), adding stabilizers like EDTA and/or antioxidants like BHT or vitamin E.
Color changes can also be due to botanical extracts which usually are brown in color and can give a white cream or lotion a brownish discoloration. Such discoloration is very difficult to overcome, if possible at all.

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