The most common and most likely answer to this crossword clue is the 10 letter word DEPILATORY
I've seen this crossword clue in The Times
D
E
P
I
L
A
T
O
R
Y
More clues leading to the result DEPILATORY
Buddy explains!

The straight part
We know that "cosmetic lotion" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cosmetic lotion = depilatory.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DEPILATORY mean?
DEPILATORY noun- A preparation that removes hair from the body.
- That removes hair