The campaign by J Walter Thompson features people opening a gift on Christmas day and uses voiceovers by gift-givers Dawn French, Sarah Millican, Jamelia and James Nesbitt.
It continues the theme from last year's "found it" campaign but this time adds more emotion to the gift-giving process to make the product the hero.
The campaign will run through TV, radio, outdoor, direct mail, online and social media channels. The TV ad will launch during The X Factor tomorrow evening (7 November) with 20- and 10-second versions.
The shorter versions will sit as a 60-second online ad. Debenhams believes this will double the number of times viewers will see the ads.
The ads were created by Jessica Weeks and Jo Taylor, and directed by Jamie & Jamie through Hoi Polloi. Carat handled the media planning and buying.
Debenhams will also develop gift ideas, such as "found it for the fashionista" or "found it for the one you love".
Richard Cristofoli, the marketing director at Debenhams, said: "The Found It campaign was designed to celebrate the moment of finding and receiving the perfect gift from a loved one.
"It was created as a campaign idea that would have longevity, not burn out after its first year. Feedback on our 2014 campaign was extremely positive and we are pleased to return with an even stronger emotional connection this year.
"Our campaign is multi-channel and seeks to make smart use of resource with for example, shorter length TV ads that see us deliver a higher frequency of media."