Back in September Facebook launched Facebook Gifts, a platform for sending real gifts to friends from a user’s birthday reminder or their timeline. Yesterday, Facebook sent out invitations for a press event in New York City on November 1 to promote some big news about the latest product.

The event will be held at FAO Schwartz on famous 5th Avenue in Manhattan. The invitation itself is short and sweet, simply reading “You = Invited.” According to CNET, “A Facebook representative said the company had nothing else to share besides the info on the invite.”

Facebook Gifts was implemented to generate another revenue stream for the social media network, something that investors have felt the website lacks. At the time of its initial launch, Facebook shares had dropped from an opening day high of $45 per share to $20. Facebook is also adding Gifts to its mobile app.

The idea behind Gifts is simple: send a gift to a friend for their birthday, for a congratulations, or for any other festive reason one can think of. Using the birthday reminder or timeline, one can send the likes of cupcakes from Magnolia Bakery, a stuffed animal from Gund, or a digital gift card from Starbucks privately or post it on their timeline. Friends can then unwrap a preview of the gift and it will be delivered days later.

Launching with 100 merchants, CNET also speculates that “Perhaps Facebook is announcing a new retail partner for Gifts.” An interesting thought seeing as how most hyped and anticipated IPO of all time has proved to be a bust on Wall Street.

Facebook makes money through games (like Farmville) company brand pages, and its biggest earner, advertising. Facebook takes a 30% share of profits made by these games. Brand pages and advertising on Facebook garnered $3.1 billion for the company in 2011, 85% of its revenue. The company has yet to disclose how much they aim to make through Gifts.

Keep checking back with BostInno for the latest news and developments from Facebook and to find out what the press event holds in store.