(Bloomberg) -- Billionaire Leonardo Del Vecchio’s heirs are expecting record dividends of over €1 billion ($1.1 billion) from their shareholdings by the end of 2024, two years after the death of the founder of eyewear maker EssilorLuxottica. 

The value of holdings at the family’s Delfin Sarl now totals €40 billion, following a 50% increase in the last two years, according to a statement Tuesday. Delfin shareholders also said dividends for 2023 totaled about €890 million. 

Luxembourg-based Delfin is the top shareholder in French-Italian EssilorLuxottica, the owner of the Ray-Ban and Oakley brands. Delfin also owns stakes in Italy’s biggest publicly traded investment bank Mediobanca SpA, as well as in insurer Assicurazioni Generali SpA and in French real estate firm Covivio SA.

The holding is owned by Del Vecchio’s heirs, and the late tycoon divided his fortune equally between his wife, his six children and the son of his wife. The family has not yet reached a final settlement on his will.

Francesco Milleri, Leonardo Del Vecchio’s right-hand man, was appointed two years ago to succeed him as head of the eyewear empire he created from scratch.

Since Del Vecchio’s death, Milleri has been tasked with seeing through the founder’s goal of pushing the combined group past the €100 billion market valuation level, as well as expanding into tech applications for eyewear.

EssilorLuxottica shares are up about 14% year to date, bringing the firm’s market value to nearly €95 billion.

(Updates with holding ownership in fourth paragraph.)

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