The Laughing Cow was the unit badge of the RVF B70, a unit in charge of delivering fresh meat to the front. It was designed by Benjamin Rabier (1864-1939), a famous cartoonist who then was part of this unit.
La vache qui rit (The Laughing Cow) was a play on words: in French phonetics "La vache qui rit" (written "La Wachkyrie" and pronounced as "Vashkyrie") was very close to the term "La Walkyrie" the famous Wagnarian opera, so making it a sort of homonym. It was Rabier's way of poking fun at the Germans. After the war, Rabier returned to his normal occupation. In 1923, Rabier showed the drawing to Leon Bel, a close friend who was now the CEO of the cheese manufacturer, Fromageries Bel. The company adopted it very shortly afterwards as their logo. The rest is now history.